Vale completes first trade using CargoDocs
We’re pleased to confirm that Brazilian mining conglomerate Vale has successfully completed its first live transaction using CargoDocs, following previous trial use of the essDOCS solution on an internal shipment in December 2014.
The trade involved 120,000 MT of iron ore exported from Brazil to China, with the receiver being a major Chinese iron ore trader.
The transaction was financed by two major Asian banks, involving first use of CargoDocs eUCP Presentation by both the issuing and confirming banks, as well as the seller, Vale, and the China-based end receiver.
Vale is the world’s largest iron ore miner by volume and the 2nd of the major mining companies to adopt CargoDocs electronic Bills of Lading for iron ore trade, amid increasing uptake of eDocs in the metals & minerals markets.