The Abu Dhabi-supported Mubadala Investment Company is purchasing Open Mineral, a Swiss metals-trading online portal that was established by two former Glencore Plc traders.
Mubadala Investment Company buys Open Mineral trading platform
Switzerland-based Open Mineral AG, Zug, stated that the Mubadala Investment Co. is the top investor of the funding round, dedicating a whopping USD 33 million investment.
The invested funds will be utilized to enhance Open Mineral’s digital trading platform which provides metals and raw materials for traders and producers to be purchased online.
Open Mineral’s Chief Executive Officer & Co-Founder, Boris Eykher, stated that the company encompasses 45% of the world’s metal buyers and sellers on its trading portal.
Consumers include Russia’s Ural Mining and Metallurgical Company and China’s Zijin Mining Group.
The most recent funding round attracted investors like Lingfeng Capital and Statkraft, apart from the Mubadala Investment Company.
Open Mineral has resisted disclosing the number of overall individual investments.
Open Mineral’s portal is backed by other organizations like Technology Ventures and Xploration Capital.
Winston Ma is the Chairman of Open Mineral’s advisory board. He is the former head of the North American office of China Investment Corporation. Ma is also an ex-board member at Noble Group Limited.
The Mubadala Investment Company has been an eager investor in the mining and metal space since time immemorial.
Mubadala also co-owns the Spanish Matsa copper mining operation, along with the trading mogul Trafigura Group.
According to a Bloomberg report, Open Mineral was put up for sale betwixt an increase in copper prices.