10/16/00 - Online mining marketplace launched
OCT 16, 2000, M2 Communications - A new Internet-based metals and mining procurement marketplace called Quadrem has been launched by fifteen mining companies together with Morgan Stanley Dean Witter.
The new venture will utilise joint catalogues in multiple languages to allow buyers, regardless of size and location, to access and trade with a pool of suppliers worldwide.
Currently the site at quadrem.com is open for pre-enrolment while transaction-based services are due to start from the beginning of next year.
Quadrem estimates that start-up costs to cover the phased roll out of technology will be worth approximately USD100m over the next 18-24 months.
The mining companies involved in the project include Alcan Aluminium Ltd, Alcoa Inc, Anglo American Plc, Barrick Gold Corp, The Broken Hill Proprietary Co Ltd, Codelco, Companhia Vale do Rio Doce, De Beers Consolidated Mines Ltd, Inco Ltd, Newmont Mining Corp, Noranda Inc, Pechiney S.A., Phelps Dodge Corp, Rio Tinto Plc and WMC Ltd.
(Dow Jones, 10 Oct 2000; Reuters, 11 Oct 2000.) African Mining Monitor includes paraphrased and abstracted material with the source, which is deemed to be reliable and duly identified. AMM is unable to provide full-text copies of these original documents. ((Comments on this story may be sent to info@m2.com))
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