e-Business software giant Oracle Corporation and MiningXchange today announced the launch of the first live and operational exchange to service the mining, oil and mineral processing industry. The aim of the MiningXchange is to enable real-time transactions between buyers and suppliers, have better prices and faster delivery and save suppliers and buyers costs in procurement prices, overhead costs, paperwork and transaction processing. Based in Australia, the new exchange is initially focused on Australia and the Pacific region, but will soon expand to include Africa, North and South America and Europe.
The MiningXchange is an independent B2B exchange developed by Unifize, the e-business venture of Asian entrepreneur Lucio Tan Jr.; Yapster e-conglomerate Inc., the e-business operation of the Yap family, owners of Lepanto Consolidated Mining in Philippines; and Tennant Limited, an Australian-based supplier of inputs to the mining industry.
The MiningXchange will be an open, neutral marketplace powered by Oracles B2B exchange technology, the Oracle Exchange. The MiningXchange will provide participants online auctioning, reverse auctioning and contract and spot-buying capabilities, as well as collaborative supply chain planning functionality that facilitates accurate capacity and demand planning for members.
The Oracle Exchange will give all members the ability to streamline and lower operational costs and eliminate supply chain inefficiencies, said Sandy Sanderson, executive vice president, Oracle Corporation.
The rapid proliferation of Internet usage within the mining sector presents MiningXchange with a unique e-business opportunity, said Stephen Wolfe, managing director of MiningXchange Australia. Oracle proved to us they have the breadth of technology and e-business expertise to help us deliver a global B2B exchange that will maximize this opportunity and support the needs of a very complex industry.
During its initial phase, MiningXchange will target up to 600 buyers and suppliers in the Asia Pacific mining sector in a collaborative effort with its own Market Participating Acquisition Team.