Can see the logic of Trafigura swapping their debt for equity...

Can see the logic of Trafigura swapping their debt for equity (at advantageous terms), even if only a partial swap.

They keep their offtake rights, gives the mine time to ramp up production, converts their investment into a more liquid form, is a relatively small amount for them, and maybe they ultimately make a profit on the equity in a couple of years.