Mitsui subsidiary hires former DRW Investments executive to lead precious metals push

LONDON, Feb 20 (Reuters) - Mitsui Bussan Commodities Ltd (MBCL), which trades energy and base metals derivatives, has hired Darren Botha, former head of precious metals at DRW Investments, to lead its expansion into precious metals, the company said.

MBCL's decision to enter global precious metals trading to hedge client risk is expected to bring extra liquidity to the global precious metals market, replacing those who left the sector.

MBCL, a subsidiary of Mitsui & Co 8031.T, a major Japanese trading house, is also getting into precious metals in the midst of a gold price rally which started in 2024. Gold hit a record high on Thursday. GOL/

Botha, who previously also served as global head of metals trading at Standard Chartered, will be based in London as head of precious metals at MBCL responsible for developing its global business in the sector.

"Darren's appointment marks a significant step forward for MBCL as we look to enter the precious metals market," Mark Crawshaw, MBCL's head of metals department, said in a statement.

Mitsui itself started trading precious metals in the 1970s and still has a separate precious metals department. Another subsidiary, Mitsui & Co. Precious Metals Inc., left the business in 2015.

"It is an opportune time for MBCL to be diversifying into precious metals to offer liquidity and risk management solutions to the firm's clients," Botha said.