China Minerals Corp and Alibaba cooperate on iron and steel e-commerce platform

Minerals Development Co Ltd, a subsidiary of China Minerals Corp, reached an agreement with an investment company under Alibaba Group on Friday to build an iron and steel e-commerce platform.

The signing ceremony and a press conference are going to be held next week.

According to a statement of Minerals Development, it introduces Alibaba's venture capital in order to boost its e-commerce development. It has also established an investment management company to reward its employees with its shares.

The total investment in the business to business trade platform of China Minerals Corp stands at 592.5 million yuan ($92.7 million), of which 203.7 million yuan is from Minerals Development, 316.8 million yuan from Aalibaba Group's venture capital investment company, and 72 million yuan from Minerals Development's investment management company. The three companies have 46 percent, 44 percent and 10 percent of the stakes of the platform.