OTCPK:NNDIF - Post by User
Post by
rdwwwon Jul 11, 2017 11:46pm
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ex Glencore guys aim to help mines + smelters make $$
ex Glencore guys aim to help mines + smelters make $$“That’s where the mines and smelters are losing the most money”
Mining Journal, 06 July 2017
A group of ex-Glencore (LN:GLEN) commodity traders have set up an online metal concentrate trading platform saying it will simplify trades by cutting out costly middlemen.
Open Mineral describes itself as a cloud-based solution that uses industry knowledge, technology and data-driven analytics to increase profitability of its members by being efficient, direct and transparent.
It touts risk management benefits, saying the platform will instantly provide information on the status of physical delivery.
The new platform comes as an Australia-based bank launched court action last week after reportedly suffering “substantial losses” in a false invoicing scam over warehoused nickel.
Open Mineral CEO Boris Eykher told Reuters smelters and miners could boost returns by dealing directly in the concentrate market, which he said was inefficient and opaque.
“That’s where the intermediaries are making the biggest margins and that’s where the mines and smelters are losing the most money,” he said.
https://www.mining-journal.com/financeinvestment/politicstrade/thats-where-the-mines-and-smelters-are-losing-the-most-money/