- Expects to double headcount in the UAE
- Opened office in Shanghai
Abu Dhabi: - Open Mineral, the digital disruptor seeking to make metals trading fit for the modern age, is proud to be named as one of the World Economic Forum’s Global Innovators, an invitation-only group of the world’s most promising companies at the forefront of ethical technological and business innovation.
“We are honoured to be invited by the WEF to join this prestigious and exciting community,” said James Rilett, Open Mineral’s CPO, who leads the company’s digital strategy. “As a full-service trading house, with the DNA of a digital platform disruptor, we see huge opportunities to improve metals trading and help companies reduce their emissions in the process.”
The Global Innovators Community enables members to engage with public- and private-sector leaders and to contribute new solutions to overcome the current crisis and build future resiliency. As a Global Innovator, Open Mineral will have the opportunity to help define the global agenda via the WEF’s Forum Platforms, including Shaping the Future of Energy, Materials and Infrastructure. This latest accolade follows on from the company, which has recently opened offices in both China and the UAE, being named as a Technology Pioneer by WEF in 2019.
“A fully digital solution is the only sustainable way to achieve major change for the industry,” said Boris Eykher, Open Mineral’s CEO. “But it’s not enough to have the automatization and algorithms, you need to be able to physically execute that solution to enact real change and that’s where Open Mineral is seeing tremendous growth. We are proud to work alongside the WEF and various industry partners to support shaping the future of trade and investment which will have a profound impact on energy, materials and infrastructure globally over the next decade.”
As a major ESG driver, the impact of reducing greenhouse gas emissions through streamlining the transportation leg for millions of tonnes of product flows while improving the economic bottom line is hard to overestimate.
Open Mineral’s proprietary SWAP tooling seeks to optimize global concentrate flows by offering a menu of freight and blending options for suppliers, while delivering higher value feeds for smelters and reducing emissions in the process.
“The problem with trying to optimise global concentrate flows from a high-level perspective is that information silos dominate the industry,” said Ryan Cochrane, Head of Research and Analysis. “Even the very best traders will miss opportunities and default to tried and tested SWAP strategies. Our digital tooling collates data across these silos and offers unique executable strategies to the industry to support emission reduction targets.”
Fed by millions of unique data points, Open Mineral has continued to advance its digital tooling and trade facilitation - leading to the growth of one of the world’s fastest growing metals trading books.
Since ex-Glencore asset managers and traders founded Open Mineral in 2017, the company has enjoyed exponential year-on-year growth, backing up their original intention to become a digital disruptor in the inherently complex and antiquated multi-trillion-dollar commodities market.
After securing funding from Mubadala Investment Co, amongst others, last year, Open Mineral has accelerated its growth plan by opening offices in Abu Dhabi, where the company expects to double its headcount over the coming year, and Shanghai.
While the largest segment of Open Mineral’s business has been in the trade of non-ferrous metals, a recent move into battery metals and aluminum has been backed quickly by transactions in both markets. With lithium being an industry in its relative infancy, Open Mineral has launched its Spot Exchange, an auction style platform, which matches buyers and sellers and has seen strong interest across multiple jurisdictions.
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For More Information go to: www.openmineral.com
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