• 8 hours $5 Million Gold Toilet Vanishes
  • 8 hours Gold On The Rise After Fed Rate Cut
  • 11 hours Oil Trader Loses $320 Million On Derivative Bets
  • 1 day S&P 500 Officially In An Earnings Recession
  • 1 day Miners Are Weathering The Trade War Storm
  • 2 days UK Credit Card Interest Rates Are Skyrocketing
  • 2 days From Frenzy To Flop, The Death Of This Year’s Most Hyped IPO
  • 3 days Are Smart TVs Spying On Us?
  • 3 days Is Fossil Fuel Divestment A Waste Of Time?
  • 3 days A Russian Billionaire’s Space Quest To Save Humanity
  • 3 days Markets Take Breather As Consolidation Continues
  • 4 days Economic Woes Weigh On Copper Prices
  • 4 days World's Largest IPO At Risk Following Drone Strikes
  • 4 days Gold Is Beating Buffett’s Berkshire Hathaway
  • 4 days What’s Behind The Silver Sell-Off?
  • 5 days The Retail Apocalypse Is Accelerating
  • 5 days The Top Tech Stocks Of The Year
  • 5 days America’s Workforce Elderly Workforce To Double By 2028
  • 6 days Toyota Tests Solar-Powered Prius
  • 6 days Why The Gold Rally Flatlined
Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Mining.com

Mining.com

Mining.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

Contact Author

  1. Home
  2. Markets
  3. Other

Former Glencore Traders Launch Concentrates Trading Platform

A team of former traders from Glencore (LON:GLEN) will launch Wednesday an online platform to connect miners with customers such as smelters and sign deals without the need of brokers.

The online marketplace, named Open Mineral, will let miners put up tenders for their concentrate directly to end-users.

The platform will focus first on gold, silver, copper, zinc and lead, which represent a combined market worth about $50 billion.

Smelters and miners could potentially boost returns by millions of dollars by dealing directly in the concentrate market, which is inefficient and opaque, chief executive Boris Eykher told Reuters.

Open Mineral will also provide trade services such as transportation, surveying, assaying and insurance. The company is now accepting registrations and the marketplace will go live in August.

Since annual concentrate deals for the year are already set, the new online tool will target spot and 2018 contracts, which are due to be negotiated before the end of the year.

Open Mineral is not the first attempt to take the trading of metals from the physical to the online world. Last month, the former chief executive officer of the London Metals Exchange launched an alternative electronic trading platform for metals.

By Mining.com

Back to homepage

Leave a comment

Leave a comment