After 5 years steering globalORE through its foundation and early development, Mr Louis Fel, Chief Executive Officer, is leaving the company to pursue a new opportunity in the iron ore market. The Board of Directors would like to thank Louis for his leadership during a period which has seen the platform become the world's largest marketplace for physical iron ore. We wish him success in his future projects.
The Board has started a selection process for his replacement. With Mr Fel now on leave, Mr Luc Dehodeng, currently Chief Operating Officer, will act as interim CEO. globalORE remains committed to providing a neutral and independent trading platform that supports the development of a deeply liquid and transparent traded marketplace for physical iron ore and looks forward to continuing the platform’s efforts in this regard.
After more than 12 months of engagement with industry participants and stakeholders explaining the role that electronic platforms can play in improving iron ore spot market transparency and liquidity, globalORE today secured equity backing from industry leaders including Baosteel, Vale, Rio Tinto, BHP Billiton to launch its Singapore-based physical-only platform offering.
Louis Fel, globalORE CEO, said “I am extremely pleased to announce that Baosteel, BHP Billiton, Glencore, Hunan Valin, Minmetals, Rio Tinto and Vale have today subscribed to become founder shareholders of globalORE.
We recognise that cross-industry support is fundamental to achieving our goal of enhancing the development of transparent liquid physical markets, and are committed to offering a neutral platform that is tailored to balance and serve the interests of the global iron ore community.
We are preparing for a launch shortly, and anticipate being in a position to formally announce our ‘go-live’ date for the commencement of trading in the coming week.”
A number of the participants voiced their support:
“Baosteel is pleased to become a founder of globalORE and contribute the development of a reliable and efficient spot trading channel that will enhance market transparency and liquidity”
“BHP Billiton welcomes the opportunity to work together with other industry leaders in supporting the success of globalORE, an important further step in assuring market transparency.”
Mike Henry, Group Executive and Chief Marketing Officer, BHP Billiton
“Standardised physical iron ore trading offered by globalORE provides the foundation for greater price transparency that international organisations such as Minmetals are seeking in the current marketplace”
Sun Rufei, GM Minmetals South East Asia
“Rio Tinto supports the development of credible, widely supported trading platforms for the international iron ore industry to facilitate efficiency and improved price discovery. We welcome the development and introduction of globalORE as an additional physical sales channel.”
Alan Smith, President, Rio Tinto Iron Ore Asia
globalORE is a physical iron ore trading platform for market participants across geographies; it does not offer financial products.