Ex-Glencore traders eye a piece of $50 billion metal concentrates market with new trading platform

A group of former Glencore traders have set their sights on disrupting the often opaque world of metal concentrates trading with a new platform, aiming to digitise tenders and procurement and cut out dominant trading houses in the process.

Launching online platform Open Mineral on July 5, the Zug-based group led by former Kazzinc cfo Boris Eykher and Glencore asset management executive Ilya Chernilovskiy, is taking aim at what it says is potentially a $50-billion-per-year market. Open Mineral looks to replace the role of the trader in matching producers and consumers of metal concentrates by their diverse requirements and allowing users to negotiate TC/RCs, penalties, payables and prices online. “We see digitalisation going on all around the world – take taxis with the Uber, take Amazon or eBay – stock trading is now on online platforms – all of these things become more efficient with digitalisation,” ceo Eykher told Metal Bulletin, “In terms of...

Published

Archie Hunter

July 04, 2017

19:33 GMT

London