Three Chinese firms among founding shareholders of GlobalORE
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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).