Pelagic Resources closes $5 million Trade Working Capital Facility with the Challenger Trade Finance Fund.
The Pelagic Resources Group (“Pelagic Resources”) is an established global physical commodity merchant, headquartered in Singapore with offices in South Africa, Zimbabwe & China with a core focus on the origination, transformation and financing of speciality metal ore exports.
The Challenger Trade Finance Fund (“Challenger”) is a Mauritian based Trade Finance fund focused on the provision of Trade credit facilities to its global client base.
Singapore, 28th May 2020 – Pelagic Resources, a large physical merchant of speciality ores from African origins into global Stainless, Chemical and Foundry markets, successfully closed a $5 million trade working capital facility with Challenger.
“I am pleased to announce this new credit facility with Challenger as this represents an increase in the diversification of liquidity available to the group and underpins part of the required funding for new Supply Accounts acquired by the team during 2019/20. Pelagic continues to grow its presence in the African market and has proven itself to be an efficient and reliable partner for its client base globally and its operating partners/suppliers in its sourcing jurisdictions” said Pelagic’s group CEO Tom Baring.