Market Position and Strategy
IXM, linked to China’s CMOC group, has emerged as the third-largest global metals trader, joining the ranks of Trafigura and Glencore. Based in Geneva, the company specializes in the trading of energy metals, playing a significant role in the energy transition. IXM is known for its substantial annual production and supply of these metals.
Transition and Strategic Shifts
Initially a part of Louis Dreyfus Commodities, IXM evolved from its previous focus on agricultural commodities to metals trading. The transition to IXM occurred after the Chinese acquisition of the LDC Metals division, which dealt in copper, zinc, and lead. This acquisition expanded IXM’s access to mining resources, including materials like cobalt, lithium, niobium, and molybdenum.
Leadership and Operational Focus
In 2023, Kenny Ives, a former executive at Glencore, assumed leadership at IXM. Since then, the company has pursued a competitive strategy in the metals trading market. Despite being third in terms of traded metal volumes, IXM is focused on growth and expanding its market share. The company’s profits have shown considerable improvement, surpassing previous records, indicating a positive trend in its operations.
While IXM’s Chinese ownership ties its performance to the Chinese economy, the company operates on a global scale, collaborating with various international partners. This approach positions IXM to continue growing in the global metals trading industry.