The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
ABU DHABI/WAM
Emirates Global Aluminium (EGA) today announced that it became the first company in the world to digitally connect its metal quality analysis system to the London Metal Exchange.
The digital connection automates the process of submitting certificates of analysis, which are key specification and quality assurance documents that must accompany shipments of metals into and out of London Metal Exchange warehouses worldwide.
The London Metal Exchange is the world centre for trading industrial metals. Trading on the London Metal Exchange sets the global benchmark price for aluminium. Warehouses approved by the London Metal Exchange support physical delivery and ensure price convergence. All metal delivered into London Metal Exchange warehouses must conform to specifications on quality, shape and weight as well as the Exchange’s responsible sourcing requirements.
The digital certificates of analysis will allow for greater traceability, accessibility, and transparency in the process by eliminating paper documentation, which can often be damaged or lost as metal travels worldwide.
Abdulnasser bin Kalban, Chief Executive Officer of EGA, said, “Our digital transformation is a core part of achieving EGA’s bold aspiration to innovate the future of aluminium production. Leading our sector in digitally providing certificates of analysis to the LMEpassport platform is just one way we are using big data and analytics to transform the efficiency of our operations and business at EGA.”
London Metal Exchange Head of Physical Markets, Georgina Hallett, commented, “We are delighted that EGA has made the first direct connection to LMEpassport, taking advantage of a digital solution that in time will entirely replace the need for paper certificates of analysis across all physically delivered LME metals, bringing greater security, traceability and operational efficiency to the trading of physical metal.”
EGA has so far implemented over 65 Industry 4.0 use cases, ranging from using AI vision to quality-check carbon anode production in real-time to developing predictive tools for market movements in key commodities.
To date, almost 2,000 EGA employees have been upskilled in digital capabilities and ways of working, and the transformation has delivered some $85 million in financial impact.