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VideosMay 25, 2022
Michael Bartlett-Vanderpuye: MnC Group is Looking at Developing its Minerals Trading Platform
- Written by Sandra Francisco
- Published: May 25, 2022
Michael Bartlett-Vanderpuye, President and Chairman of M&C Group Global, discusses plans to develop a minerals trading platform.
"Everybody knows that minerals are a safe haven for an investor. Minerals appreciate in value, so we are looking at developing our minerals trading platform. We are looking at end-to-end where we mine, refine and supply to our clients. Clients will have an option of getting refined gold, or maybe a minimum cut of about 22.5 where they can also get it refined to get whatever minerals are left. Enough for trading or jewelry or storing for banking purposes. Right now, central banks are trying to build gold reserves because it helps them against inflation and to boost their currency. M&C wants to come up with a one-stop shop where we mine and engage at a minus, we produce and refine at our end and then we export to any of our customers across the globe. We want to be a household name in Africa because we have seen from experience everywhere you go to do trading; people get their fingers burnt. But it is interesting to note that most of these people do not like to do research before getting into an industry. People actually think that we have what we call an African prize when it comes to gold. A gold price is formed by LME (London Metal Exchange) so most people who are going into a new gold business know that you cannot get somebody offering you huge discounts on gold. You only get so much now and then you need to refinance to be able to get it. If the price of gold is $60,000 per kilo today, it is the same price everywhere in the world. It does not change. The industry is very tough, but we are trying to build good credibility and make clients feel more comfortable. Those clients who have dealt with us in the past and listen to us do not have any issues. Those who do not listen to us and go for the cheaper prices and are blindfolded by greed, get screwed. They turn around and blame the African, or whoever the supplier is. We want to be a household name for gold globally, so we decided to expand our structures to meet with buyers or clients in the comfort of their homes. For instance, if we have a client in Dubai, they can come to visit us in our office in Dubai for local transactions. When I am dealing with a company in Ghana, in case of any disputes where you have different traditions of law, you have to refer to the ICC (International Criminal Court). But if it is a buyer buying contracts, it becomes a local transaction. Same thing with the Hong Kong and China offices. We are looking at Europe, we have set up in the US, so our US clients do not have to come to Ghana. They can visit our office in the US and have that kind of local feel where they make payments to this company, which is here, and we will take it from there", says Michael Bartlett-Vanderpuye.
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