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Mining and Metals Online Procurement Marketplace Launches Website.

Business Editors

LOS ANGELES--(BUSINESS WIRE)--June 28, 2000

The global online procurement marketplace recently formed by 14 mining, minerals, and metals companies today launched its website (http://www.mmprocurement.com).

The website enables visitors to access information about the benefits of participating in the marketplace as a buyer or a supplier, provides answers to frequently asked questions, and allows interested visitors to submit comments and ask questions online. In addition to English, portions of the website can be viewed in French, Portuguese and Spanish.

Tracy A. Stevenson, interim CEO of the procurement marketplace, said "Since we announced the marketplace in May, we have received hundreds of inquiries from buyers and suppliers in the mining, minerals, and metals industry who have signaled their early interest in participating. Our website will allow visitors worldwide to learn more about the future capabilities of the marketplace and allows buyers and suppliers to easily access information about this exciting venture. This is the first of many upcoming communications to potential buyer and supplier participants."

Announced on May 14, the venture will create a platform to bring together mining, minerals, and metals producers and suppliers in more than 100 countries and will provided unrivaled access to procurement sources worldwide. It is anticipated that the expansive, open and neutral platform will transform the procurement practices of the mining, minerals and metals industry and bring significant benefits to both suppliers and buyers through standardization, transparency, streamlined transaction processes and improved inventory management. The new virtual marketplace will utilize a common catalogue of products in multiple languages and will allow participants, regardless of size and location, to access and trade with a large pool of suppliers both locally and around the world.

Participation in the marketplace is open to all buyers and suppliers and transactions are expected to commence by late 2000.

The equity participants of the mining and metals procurement marketplace are Alcan Aluminium Limited, Alcoa Inc., Anglo American plc, Barrick Gold Corp, The Broken Hill Proprietary Company Limited (BHP), Corporacion Nacional del Cobre de Chile (CODELCO), Companhia Vale do Rio Doce (CVRD), De Beers Consolidated Mines Ltd., Inco Ltd., Newmont Mining Corporation, Noranda Inc., Phelps Dodge Corporation, Rio Tinto, and WMC Limited. Andersen Consulting is serving as the solution provider to the marketplace during the design, build and launch phase.

The mining and metals companies represent in excess of 60 percent of the market capitalization of the global mining and metals industry and are among the world's largest producers of aluminum, coal, copper, gold, iron ore, manganese, nickel, silver, zinc, industrial minerals and platinum group metals. Additional mining and metals companies are expected to participate in the marketplace. In 1999, the estimated procurement spending of the industry was approximately US$200 billion.
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Publication:Business Wire
Date:Jun 28, 2000
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