Bikram Singh, the former head of metal concentrates trading at MRI Trading AG, has set up a new trading venture named Axaya AG, according to sources and regulatory filings.
Axaya was incorporated as a raw materials trading company last year. Singh became the sole director in January 2018, Swiss company records show.
The move comes as competition between merchants in the metals concentrates markets heats up. Singapore-based Kyen Resources said it would look to start a concentrates trading book as part of its expansion into European markets.
Singh left MRI in March last year before Chinese conglomerate HNA bought the trading house and its parent company, warehouser CWT, for around $1 billion.