Oct. 14 (Bloomberg) -- BHP Billiton Ltd., the world’s largest mining company, said it’s supporting development of a new pricing platform for iron ore, known as globalORE, and may become a founding shareholder.
“BHP Billiton is one of a number of industry participants including end users who are supportive of such a development and who may become founding shareholders,” the Melbourne-based company said today in an e-mailed statement. “It would bring further transparency to iron-ore pricing, would increase physical market liquidity and would generally make for a more robust market index,” BHP said.
According to its website, globalORE is seeking to develop a standard contract for physical iron ore to be traded on its online platform by producers, consumers and traders.
--Editor: John Viljoen
To contact the reporter on this story: Jesse Riseborough in London at email@example.com
To contact the editor responsible for this story: John Viljoen at firstname.lastname@example.org