Global Coal starts trading

ON its first day of trading, London-based coal e-marketplace Global Coal saw 60,000 tonnes traded in three transactions at a total market value of US$2.26 million. Over 3 million tonnes of coal were on bid or offer on May 16, with prices quoted as far out as mid-2002.

Staff Reporter

Trading on Global Coal's Standard Coal System is based on the Standard Coal Trading Agreement (SCoTA), a single set of terms and conditions for buying and selling coal. SCoTA includes standardised quality specifications at four locations: FOB Puerto Bolivar (Colombia), FOB Newcastle (Australia), FOB Richards Bay Coal Terminal (South Africa) and FOB barge, Amsterdam, Rotterdam and Antwerp (North Western Europe).

Founding shareholders of Global Coal are Accel-KKR Company, Anglo American, Billiton, E.ON Kraftwerke, Enel, EPDC Overseas Coal Company, Glencore International, Rio Tinto and TXU Europe Energy Trading.

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