South Africa wants iron ore to trade on a futures exchange to create a more transparent benchmark for pricing deals, one of the country's top mining officials said on Monday.
"The most important thing for me is the creation of a transparent instrument for price determination," said Sandile Nogxina, South Africa's Director General of the Ministry of Mineral Resources told Reuters on the sidelines of the UN commodity conference in Geneva.
"It is up for the various players to take this forward. What I'm proposing is similar to aluminium on the London Metals Exchange (LME). Let iron ore also be traded so it is more open."
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