The largest copper mining company in the world enlists Bolero to digitally exchange business documents, allowing them to streamline and automate the process of foreign trade, reduce costs, mitigate risks, improve collections and reduce errors
London, February 18, 2016 – Codelco, the Chilean state mining company and largest copper producer in the world, confirmed that they have adopted Bolero’s electronic services platform to manage its sales and payments, including the servicing of electronic bills of lading.
Bolero’s ePresentation solution will be deployed in place of Codelco’s traditional paper process for shipments to China and other parts of Asia. With demand and prices for raw materials falling, the company hopes these services will streamline and automate the process of foreign trade, and in turn help reduce costs, mitigate risks, improve collections and reduce errors.
Codelco, which is based in Santiago, exports copper cathodes, copper concentrate, molybdenum and other non-commercial products. The company will prioritise its use of the ePresentation system to optimise and accelerate the flow of essential documents in one of their shorter trade routes, which runs from Taiwan to China. This will allow the company to grow its commercial services in the highest copper-consuming region of the world while also avoiding the direct costs incurred when organisations are not capable of processing paper documents via courier on time.
Rodrigo Toro, vice president of marketing at Codelco, commented: “During a difficult time for the industry, Codelco is actively seeking efficiency in its marketing processes. The innovative technology developed by Bolero was chosen for its potential to optimise the processes of our foreign trade transactions and trade logistics, as well as providing immediate access to an extensive network of banks, shipping companies, customers and others involved in foreign trade, including many of our existing global trading partners.”
Codelco is one of the most important companies to adopt Bolero’s ePresentation technology. The growing demand for these solutions highlights the need for the continual improvement of processes and search for efficiency savings, which e-commerce processes help achieve. The technology’s ability to ensure the recognition of payments against the transfer of ownership of the sold asset is also an important benefit.
Gary Cutress, commercial director for Bolero, added: “For Codelco, one of the biggest advantages of using Bolero’s ePresentation solution is that it presents an opportunity to connect and collaborate more closely with foreign trade partners that are already part of our global ecosystem, which has seen a 74 per cent increase in partners over the past two years. The fact that four of the largest commercial banks in China are operating with Bolero also provides our customers with an important advantage.”
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Bolero is a global leader in the handling of electronic trade finance documentation and automatic settlement. As pioneers of structured documents for corporate trade, today our solutions power more than 6 million trade documents and $80bn worth of trade transactions per annum.
Bolero has led the world in electronic document presentation for 12 years, bringing the industry’s first electronic Bill of Lading solution to market. We provide a range of solutions designed specifically for the fully electronic management and communication of trade finance documents and related messages, including open account, letters of credit, guarantees, standbys and collections between a corporate’s trade finance function and its panel banks.
For more information, please contact:
The Whiteoaks Consultancy
Tel: + 44 (0) 1252 727210