The world’s largest miner by market cap BHP Billiton intends to build a transparent system for pricing iron ore by the end of 2011 or early 2012, Fox Business reports. Global Ore is a pricing system that will represent quoted iron ore prices on a screen to offer market participants a more transparent price than index providers such as energy and metals information provider Platts. The platform, which will price contracts on a monthly basis, will be based on an ownership model similar to trading platform Global Coal. Both consumers and producers will own the trading platform and financial institutions will also be allowed to participate. Initially, consumers and producers can trade iron ore fines.

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