Sino Iron goes live with CargoDocs
Sino Iron, a wholly-owned CITIC Pacific Mining company and Australia’s biggest magnetite operation, is now live with CargoDocs, having recently completed its first ever export shipment using electronic Bills of Lading (eB/Ls).
The paperless trade transaction covered the sale of iron ore concentrate under a Letter of Credit (LC), for cargo shipped from Australia to an End Buyer in China.
The document flow commenced with online collaborative drafting and approval using CargoDocs, after which the electronic Bill of Lading (eB/L) was electronically signed and issued by the Agents (on behalf of the Owner) to the Shipper, Sino Iron. Sino Iron then traded the cargo internally by endorsing the eB/L to Pacific Resources Trading (a CITIC Pacific Mining trading arm), who in turn transferred and electronically presented the eDocs to its Advising Bank.
After reviewing the documents called for under the LC, the Advising Bank electronically presented the eDocs to the End Buyer’s Issuing Bank in China. The eDocs were then electronically transferred by the Issuing Bank to the End Buyer, enabling timely discharge of the cargo against original documents and eradicating the need for a discharge LOI.
The go-live transaction marks the first use of CargoDocs for Sino Iron and Pacific Resources Trading, who join a growing number of Metals & Minerals companies adopting the essDOCS solution to digitize and streamline their trade document processes.