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The report examines the operational and financial models of mineral and metal trading companies, highlighting their role as intermediaries and financiers for small and medium-sized mining firms. It concludes that while these companies generally operate on an arm's length basis, their inherent opacity and the use of complex financial arrangements, such as streaming agreements, create potential fiscal risks for host governments. The document recommends enhancing transparency through the EITI, implementing mandatory contract registration, and using globally recognized pricing for tax calculations.

The report presents the 2024 South African F-List, detailing 42 contracts between local agencies and fossil fuel clients, and highlights the reputational risks of such partnerships. It critiques the role of PR in masking the environmental and health impacts of companies like Sasol and TotalEnergies, while calling for industry awards like The Loeries to stop rewarding fossil fuel advertising.