Three Chinese firms among founding shareholders of GlobalORE

Friday, 25 May 2012 18:02:43 (GMT+2)

GlobalORE, the soon-to-be-launched iron ore trading platform based in Singapore, has lately announced the names of seven companies as its founding shareholders, including Chinese state-owned steelmakers Baosteel and Hunan Valin Iron and Steel, as well as Chinese state-owned metals and mineral trading company Minmetals.

The other founding shareholders include Glencore and the big three global iron ore miners -  Vale, Rio Tinto and BHP Billiton.

GlobalORE is expected to launch its physical iron ore trading platform on May 30. This follows the launch on May 8 of the China Beijing International Mining Exchange (CBMX) physical ore trading platform backed by the China Iron and Steel Association (CISA).

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