Traxys builds Vault supply lines
- 13 May 2026
Major commodity trader and merchant Traxys continues to selectively dig into the critical minerals resource space, signing new offtake deals in Spain and Australia.
Traxys, one of three global trading houses appointed to procure minerals for the US Government’s US$12 billion Project Vault, entered into a memorandum of understanding with ASX-listed Energy Transition Minerals via Luxembourg-based Traxys Europe SA. The MoU could see Traxys take up to 100% of the tin, tantalum and niobium concentrates from the Penouta mine in Galicia, which Energy Transition is aiming to restart.
Formerly known as Greenland Minerals, Energy Transition also has the major Kvanefjeld rare earths project in Greenland.
Penouta operated up to October 2024 as the European Union’s only direct source of tin, tantalum and niobium.
“We are delighted to partner with Traxys as the pre-eminent trading partner in the critical minerals space,” Energy Transition managing director Daniel Mamadou said.
“In particular, their proven experience in the tin, tantalum and niobium market as well as established presence in the EU is expected to deliver significant value to the Penouta mine over its lifetime.
“We are excited not only by Traxys’ strong trading credentials but also its unique ability to offer and/or solicit potential funding benefits for Penouta.”
Traxys Europe chair Alan Docter said the group was pleased to continue a longer-term association with Penouta and to “explore other offtake, funding and development opportunities in [Energy Transitions’] project pipeline”.
“Traxys is proud to be a critical minerals supplier for Project Vault, aimed at bolstering America’s critical minerals supply chain and national security,” he said.
Nolans nexus grows
Traxys last year announced an offtake agreement with ASX rare earths developer Arafura Rare Earths covering supply of up to 300 tonnes a year of neodymium-praseodymium (NdPr) oxide from Nolans in Australia’s Northern Territory.
A new deal with Traxys North America will now see 500tpa of NdPr oxide and 7.5tpa of dysprosium-terbium oxide purchased “to support the revitalisation and onshoring of domestic manufacturing across automotive, defence and advanced technologies sectors in the US”.
“It is Traxys’ intention to seek to utilise the product for supply into the US supply chain, including the potential supply into US EXIM-managed Project Vault,” Arafura said.
The company’s proposed $1.3 billion Nolans project has been named alongside 10 other critical mineral projects under the US and Australian Critical Minerals Framework agreement signed last October for public financial support totalling A$1.4 billion in Australia and US$2.2 billion in the US.
Arafura, which had A$561 million in the bank at the end of March, said in its 2026 first-quarter report it had $911 million of project funding in place and was making “strong progress on finalising” the balance required to make a final investment decision and advance its development schedule.
“We have long believed that the right partners would define the quality and durability of Arafura,” managing director Darryl Cuzzubbo said on signing the latest Traxys agreement.
“The offtake relationships we have established are not just transactional arrangements.
“They reflect growing alignment between industry participants and government-supported initiatives aimed at establishing resilient critical minerals ecosystems as an imperative, not merely an opportunity.”
