Mining giants launch B2B coal exchange

International coal giants and heavyweight internet venture firm Accel-KKR have launched one of the world's biggest B2B marketplaces and are already planning to set up more.

Global Coal was launched at a coal industry conference in Madrid, aiming to be the principal exchange for the 700 million metric tonnes of coal traded every year. Mining giants Anglo-American, Rio Tinto, Glencore, and Billiton will be joined in the exchange by a clutch of top electricity suppliers, including major Japanese company EPDC and TXU Europe, which owns the UK's Eastern Electricity. Sean Gilbertson, acting CEO of Global Coal, said: "Because of the market liquidity that will be provided by strong industry participation, Global Coal will be able to deliver value to consumers and producers, as well as to our shareholders." The mining companies intend to expand their efforts into other markets such as base metals, bulk ores and bulk alloys.