ommerce One, SAP to help set up metals marketplace
Sunday August 13 07:09 ET
NEW YORK (Reuters) - A group of 16 metals and mining firms picked online marketplace services firm Commerce One Inc. (CMRC) and a unit of
German software group SAP AG (SAP) to help set up an online marketplace, the companies said Sunday.
The value of the deal was not disclosed in a press release and a spokesperson could not immediately be reached for comment. But the statement said
the estimated procurement spending of the mining and metals industry in 1999 was about $200 billion.
The companies said Commerce One and SAPMarkets Inc., the electronic marketplace software services unit of SAP, will begin developing the
technology as soon as final agreements are in place. The mining, metals and minerals marketplace is expected to begin handling transactions between
producers and suppliers in the fourth quarter of 2000.
Companies in the marketplace group include Alcan Aluminum Ltd. (AL.TO), Alcoa Inc. (AA.N), Anglo American Plc (AAL.L), Barrick Gold Corp.
(ABX.TO), Broken Hill Proprietary Co. Ltd. (BHP.AX), Corporacion Nacional del Cobre de Chile (Codelco), Companhia Vale Do Rio Doce, De
Beers Consolidated Mines Ltd. (DBRJ.J), Inco Ltd (N.TO), Morgan Stanley Dean Witter (MWD.N), Newmont Mining Corp. (NEM.N), Noranda
Inc (NOR.TO), Pechiney (PECH.PA), Phelps Dodge Corp. (PD.N), Rio Tinto (RIO.L), and WMC Ltd (WMC.AX).
Commerce One's stock was down 13 cents to $50 just before midday on Monday, while SAP's American Depositary Receipts were unchanged at
$62.
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