What Open Mineral AG does

Open Mineral AG is an AI-enabled physical commodity trader headquartered in Baar, Switzerland, that combines proprietary machine-learning technology with a physical metals trading book spanning base metals (copper, zinc, lead, nickel), battery metals (lithium, cobalt), precious metals, and ferrous metals. Founded in 2016 by former Glencore traders, the company operates a B2B platform connecting miners, smelters, refiners, and metal traders across 14 countries, offering procurement, trade finance, logistics from mine gate to delivery, and KYC compliance services. The platform's core differentiator is the integration of trading-flow data with AI models used in the Silea derivatives trading solution and the Marketability Calculator, which price products and identify buyers before production.

The company monetizes across four streams: (1) physical metal trading margins captured through procurement, financing, logistics, and distribution; (2) the Silea Actively Managed Certificate, an AI-driven derivatives product generating management and incentive fees from institutional investors; (3) structured financial products including the Offtake Fund; and (4) the Critical Minerals Tradeflow Fund (CMTF), managed in partnership with Tradeflow Capital Pte, which has deployed over $3 billion across 3,000 transactions since 2017 on cargoes of $300k-$30m. The KYC product is provided free to drive counterparty onboarding. Distribution is sales-led through offices in Switzerland, the UAE (Abu Dhabi), and Peru, supported by digital self-service tools and an investor inquiry funnel targeting qualified institutional investors. To date Open Mineral has raised approximately $40.7 million in venture funding, anchored by a $33 million Series A in September 2021 led by Mubadala Investment Company.

Name

Open Mineral AG

Legal name

Open Mineral AG

Website

https://openmineral.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

51–100 employees

Short description

Open Mineral AG is a Switzerland-based, AI-powered physical metals trader that connects miners, smelters, and traders globally, combining proprietary trading data and machine learning with physical commodity trading, trade finance, logistics, and AI-driven derivatives products for institutional investors.

Ownership category

akta.pro rank

Product category

Physical Metals Trading

NAICS

Other Nonmetallic Mineral Mining and Quarrying (212390), Other Metal Ore Mining (212290)

SIC

Wholesale-Metals & Minerals (No Petroleum) (5050)

akta.pro primary industry

Non-Ferrous Base Metals Trading (Aluminum, Copper, Zinc, Lead, Tin, Nickel) (IMAKAJAC)

akta.pro secondary industry

Battery & Critical Minerals Trading (Lithium, Cobalt, Graphite, Manganese, Rare Earths) (IMAKAJAE)

Keywords

• Physical commodity trading
• Base metals procurement
• AI derivatives trading
• Metals logistics financing
• Tradeflow capital fund

Headquarters

HQ city

Zug

HQ country

Switzerland

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Physical Metal Trading: Open Mineral trades physical metals including base metals (copper, zinc, lead, nickel), precious metals, ferrous metals, and battery metals (lithium, cobalt). Revenue is generated through buying and selling metals with margin capture across procurement, financing, logistics, and distribution.
2. Silea AI Trading (Actively Managed Certificates): AI-powered derivatives trading solution that trades liquid metals derivatives contracts. Generates returns through market directional views, portfolio optimisation, and relative value strategies. Available through actively managed certificates (AMC). Revenue comes from trading profits and management/incentive fees.
3. Offtake Fund: Structured financial products for the base metal sector working with capital providers, asset owners and developers. Provides long-term access to critical minerals while offering investors share of trading profits plus potential fixed income returns.
4. Critical Minerals Tradeflow Fund (CMTF): Fund managed by Tradeflow Capital Pte that brings capital to global flows of critical minerals for the energy transition. Supports cargoes of $300k-$30m globally. The risk transformation methodology has successfully deployed over $3bn of capital since 2017 over 3000 transactions.
5. Trade Finance and Prepayments: Open Mineral offers pre-payments for products and purchases materials at mine gate or port, managing logistics until final delivery. Revenue generated through financing margins and logistics fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Open Mineral AG operates an AI-powered physical commodity trading platform specializing in the procurement, financing, logistics, and distribution of raw and refined metals, including base metals (copper, zinc, lead, nickel), battery metals (lithium, cobalt), precious metals, and ferrous metals. The company buys, sells, and finances physical metal flows while layering AI-driven derivatives trading (Silea), structured investment funds (Offtake Fund, CMTF), and digital compliance tools (KYC) on top of its physical book.

Product overview

Open Mineral AG operates a unified platform combining AI-powered physical commodity trading with paper trading for metals. The core Open Mineral Platform serves as the central offering, while the Silea Solution provides AI-driven derivatives trading capabilities. The company also offers three investment products—the Offtake Fund, Critical Minerals Tradeflow Fund (CMTF), and Silea fund—targeting institutional investors. Supporting modules include a KYC Product for compliance, Product Sourcing Service for procurement and logistics, and Product Pricing Service for market intelligence. The platform trades base metals (copper, zinc, lead, nickel), battery metals (lithium, cobalt), precious metals, and ferrous metals (iron ore).

Differentiator

Problem solved

Functional benefit

Brands

• Silea: AI-driven metal derivatives trading solution using machine learning models for market directional views, portfolio optimisation and relative value strategies across liquid metals derivatives contracts.
• Offtake Fund
• Critical Minerals Tradeflow Fund (CMTF)

Products and services

• Open Mineral Platform AI-powered physical commodity trading platform for miners, smelters, and metal traders that handles procurement, financing, logistics, and distribution of raw and refined metals including base metals (copper, zinc, lead, nickel), battery metals (lithium, cobalt), precious metals, and ferrous metals.
• Silea Solution AI-driven metal derivatives trading solution that combines physical trading book insights with machine-learning models to execute emotionless, data-driven trading across liquid metals derivatives contracts, targeting accredited and institutional investors via actively managed certificates (AMC).
• Offtake Fund Structured financial product enabling institutional investors, asset owners, and developers to partner with capital providers for long-term access to critical minerals, offering a share of trading profits plus potential fixed income returns.
• Critical Minerals Tradeflow Fund (CMTF) Investment fund managed by Tradeflow Capital Pte that brings capital to global flows of critical minerals, using data to derisk and make investible the raw material needs of the energy transition, supporting cargoes of $300k to $30m globally.

Quantifiable outcome

• Successfully deployed over $3bn of capital since 2017
• +2 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators6 records

Recent moves6 records

Expansion highlights7 records

Direct peers

• Metalshub: Digital B2B marketplace for metal concentrates, ferro-alloys, and base metals connecting miners, smelters, and traders. Directly comparable to Open Mineral as a platform that disintermediates physical metals trade flows using technology.
• Concord Resources Ltd: Independent physical metals trader focused on base metals concentrates. Comparable niche/regional peer; Open Mineral's Peru country manager previously represented Concord in Latin America, indicating direct overlap in markets and counterparties.
• Gerald Metal: Independent metals merchant focused on base metals. Comparable mid-sized physical metals trader; Open Mineral's Head of Legal & Compliance previously served as Gerald Metal's General Counsel for EMEA.
• Beringfield AG: Independent metals trading house with primary aluminium and long steel flows. Comparable as a smaller independent metals trader; Open Mineral's Head of Risk was previously MD of Beringfield.

Broad incumbents

• Glencore: The world's largest diversified commodities trader, with dominant positions in zinc, copper, lead, nickel, and cobalt. Direct incumbent comparable in metal flows; Open Mineral's CEO and several team members came from Glencore.
• Trafigura: Major independent commodity trader with large metals and minerals book alongside energy. Broad incumbent peer competing for physical metal flows, structured trade finance, and offtake counterparties globally.
• Mercuria Energy Trading: Independent commodity trader active across metals and energy with strong trade finance capabilities. Comparable as a privately held incumbent offering physical flows, financing, and increasingly digital infrastructure to counterparties.

Emerging players

• Minehub Technologies: Enterprise blockchain and workflow platform for the metals and mining supply chain. Comparable as an emerging technology player aiming to digitize and disintermediate metals flows, though focused on enterprise workflow rather than active trading.
• Kpler: Commodity data and analytics platform covering metals, energy, and soft commodities. Comparable as a technology-enabled commodity intelligence provider, though focused on data rather than physical execution.

Others

• Tradeflow Capital Management: Singapore-based fund manager specializing in commodity trade finance, managing the Critical Minerals Tradeflow Fund in partnership with Open Mineral. Ecosystem partner rather than competitor, but closely tied to Open Mineral's fund product strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/openmineral

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds3 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Open Mineral AG