Open Mineral Digitizes Physical Commodity Trading
Newly launched cloud-based marketplace will connect buyers and sellers to trade physical commodities directly, efficiently and transparently
BAAR, Switzerland, July 5, 2017 /PRNewswire/ -- Open Mineral, a new platform that connects buyers and sellers of physical commodities, launched today with the aim of revolutionizing the trading of commodities by providing an intuitive interface to tender, negotiate, and execute contracts.
With powerful analytical tools, Open Mineral streamlines contract negotiations and execution to increase efficiency and profitability for the participants. The Swiss-based start-up, founded by former Glencore traders, strives to disrupt the decades-old model for trading physical commodities through use of technology and analytics. The company will initially cover zinc, lead, copper, gold and silver concentrate markets and plans to expand to other raw materials in the future.
"Physical commodities have been traded in the same way by the same companies for decades," said Boris Eykher, Open Mineral CEO. "We see technology delivering tangible benefits to the mining industry. Just as Ebay and Amazon revolutionized retail purchasing by bringing buyers and sellers together directly, we aim to do the same for the physical commodity producers. The goal is to give more information and control to mines and smelters, so they can make better decisions and ultimately become more profitable."
"We have met with multiple producers, end-users and trade service providers and the feedback has been very positive. We are confident there is a massive demand out there for improved efficiency, transparency, and better market analytics. We have tailored our platform to give buyers and sellers the data and analytics they really need," added Ilya Chernilovskiy, Open Mineral COO.
In addition to global concentrate tenders, Open Mineral will provide access to trade services such as transportation, quality control, and insurance. The platform will also bring other essential elements for concentrate trade, including messaging, KYC, electronic document exchange and more.
Both Eykher and Chernilovskiy have extensive experience in commodity trading and the mining industry. They met at Harvard Business School, where both attended the MBA program, and developed their industry expertise at Glencore. The growing team at Open Mineral brings together deep industry knowledge from all sides of the physical commodity trade, with a passion to challenge the status quo of metal concentrates trade and deliver benefits to both miners and smelters by connecting them directly.
The company — www.openmineral.com — is now open for registration and the marketplace will go live in August 2017.
Contact for media: [email protected], +41 79 719 9668, Open Mineral AG, Neuhofstrasse 1, 6340 Baar, Switzerland
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