Comercio de productos básicos

The report examines the operations of mineral and metal commodity trading companies, highlighting their role as intermediaries and financiers for mining companies, particularly small-scale producers in emerging economies. It identifies that while most traders operate independently—reducing the risk of transfer pricing—their lack of transparency and use of complex corporate structures can facilitate tax evasion and corruption. The document specifically analyzes risks associated with 'metal streaming' and prepayments, which can shift wealth from host countries to investors. It recommends that host governments implement mandatory contract registration, use internationally recognized pricing for tax calculations, and strengthen financial disclosure requirements for private trading firms.

• Commodity trading companies act as essential intermediaries, managing between 20% and 40% of the international trade for key metals such as iron ore, copper, nickel, and zinc.
• The sector is characterized by a significant lack of transparency, as many trading firms are privately owned and not required to disclose financial data, which can facilitate corruption and illicit financial flows.
• Trading companies have increasingly become vital financiers for the mining sector, especially after the 2008 financial crisis, providing working capital, loans, and 'streaming' agreements.
• Metal streaming agreements pose a specific fiscal risk to host countries because they often involve fixed prices significantly below market value, transferring potential windfall profits from the mine to the investor.
• Fiscal risks for host countries are primarily linked to profit-based tax instruments, as the cost of using a trader can reduce the taxable income of a mining company.
• The geographic center of commodity trading is shifting eastward, with China becoming a dominant importer and developing its own large network of trading companies, though these are often less transparent than Western counterparts.
• To mitigate fiscal risks, the report recommends that host governments legislate the mandatory registration of export contracts and use internationally recognized prices to calculate royalties and income tax, regardless of the actual contract price.
• The report suggests that home countries of trading hubs (such as Switzerland and Singapore) should increase financial disclosure requirements for private firms to help host countries assess risks.

APA

Löf, A., & Ericsson, M. (2019). Comercio de productos básicos. International Institute for Sustainable Development. https://www.iisd.org/system/files/2025-04/commodity-trading-challenges-es.pdf

Chicago

Löf, Anton, and Magnus Ericsson. Comercio de productos básicos. International Institute for Sustainable Development, 2019. https://www.iisd.org/system/files/2025-04/commodity-trading-challenges-es.pdf.

Wikipedia

{{cite report |last1=Löf |first1=Anton |last2=Ericsson |first2=Magnus |title=Comercio de productos básicos |publisher=International Institute for Sustainable Development |date=May 2019 |url=https://www.iisd.org/system/files/2025-04/commodity-trading-challenges-es.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{lf2019comercio, author = {Löf, Anton and Ericsson, Magnus}, title = {{Comercio de productos básicos}}, institution = {International Institute for Sustainable Development}, year = {2019}, month = may, url = {https://www.iisd.org/system/files/2025-04/commodity-trading-challenges-es.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }