Stock Code : 600153.SH

RESOURCE-SHARING,
BEING PROFESSIONAL,
VALUE-CREATING

Xiamen C&D Inc. Stock Code: 600153.SH

Stock Code: 600153.SH

News

C&D Mineral Resources Completed the First Cross-border Paperless RMB Settlement Business by Using Blockchain Technology

Date: 2021-01-07 | Source：C&D Inc.

Recently, Xiamen C&D Mineral Resources Co., Ltd., a wholly-owned subsidiary of C&D Inc., and Rio Tinto Group, a long-term partner, conducted the first cross-border paperless RMB settlement business using blockchain technology. This is an important breakthrough in the technological innovation of state-owned enterprises, and also an important step for C&D Mineral Resources in the field of digital trade.



The cross-border paperless RMB settlement business was conducted on Contour, a blockchain trade finance platform. C&D Mineral Resources has opened the first cross-border RMB letter of credit through its overseas company, with a total amount of about 136 million RMB. In order to ensure the smooth completion of the work, C&D Mining conducted in-depth discussion with Rio Tinto, Contour and bank in the early stage, fully implemented the feasibility of operation of each link on the blockchain platform, solved the conversion problem between electronic and paper, and formulated the basic connecting process, which facilitated the smooth development of the follow-up work.



The paperless RMB settlement business is carried out through the blockchain platform, which shortens the circulation time of trade documents, promotes the transparency of the business process, and promotes more accurate and efficient communication among all parties. In the future, C&D Mineral Resources will continue to deepen the application of blockchain technology and work with major mines and customers to jointly optimize the bulk commodity trade process, so as to promote the improvement of efficiency through digitalization.

About C&D Mineral Resources:

Xiamen C&D Mineral Resources Co., Ltd. is a wholly-owned subsidiary of Xiamen C&D Inc. With iron and steel raw material supply chain operations as the core business, C&D Mineral Resources specializes in iron ore products, and is involved in  chrome ore, manganese ore, direct reducing iron, hot-pressed iron, coking coal, thermal coal and other related products business. In 2020, the company will operate 45 million tons of iron ore, with abundant resource channels. It has long-term direct supply from large mines in Brazil, Australia and other countries, and has stable and close cooperation with many large and medium-sized domestic steel mills. C&D Mineral Resources is committed to supply chain value-added, providing global customers with "LIFT Supply Chain Services". Based on the four service elements of "Logistics", "Information", "Finance" and "Trading", C&D Mineral Resources integrates the resources needed in the operation process for customers, plans supply chain operations solutions and provides customized services.

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