Barid AlMaghrib Strengthens Ecommerce Cooperation with China Post Group

Rabat – The Barid Al-Maghrib Group (GBAM), Morocco’s postal service, has concluded three cooperation agreements with the Chinese postal operator China Post Group to boost e-commerce exchanges and facilitate the transfer of money between Morocco and China.The three agreements were signed by the Director General of Barid Al-Maghrib, Amin Benjelloun, and President of China Post Group Li Guohua. They are part of GBAM’s commitment to continue its international partnerships and strengthen its cooperative relationship with the Chinese postal institution, says Barid Al-Maghrib.The first agreement concerns the creation of an e-commerce marketplace, directly administered by GBAM, enabling Moroccan artisans and small businesses to promote and sell their products in the Chinese market. The second agreement provides for the introduction of a package offer adapted to the e-commerce market. It is a service of small postal packets with shipment tracking, and will soon be proposed to GBAM’s customers.Finally, the third agreement will regulate a money transfer corridor between the two countries, while promoting cooperation between Al-Barid Bank and Postal Saving Bank of China, a subsidiary of China Post Group.The three agreements will realize the MoU on cooperation signed in Rabat in September 2017 between Barid Al-Maghrib and the Chinese post office. read more

Cliffs Natural Resources assets in Quebec and Labrador to be put up

MONTREAL — Idled Quebec iron ore mines, railways and port facilities, are about to be put up for sale as part of a court-supervised exit from eastern Canada by Cliffs Natural Resources.The Cleveland-based miner’s subsidiaries, which filed for creditor protection in January, are seeking a Quebec court’s permission to solicit interest next month in the Bloom Lake mine, the Wabush Mine, and related port and rail assets in Quebec and Labrador, according to a motion filed by monitor FTI Consulting Canada.Bloom Lake General Partner Ltd. and affiliates such as Cliffs Quebec Iron Mining filed for protection under the Companies’ Creditors Arrangement Act amid falling iron ore prices.Excluded from the sale process are Cliffs’ chromite assets in Ontario’s Ring of Fire that are in the process of being sold to Noront Resources for US$20 million.Parties interested in the assets would be required to submit non-binding letters of intent by May 19. Qualified parties would be invited to submit formal bids by an unspecified date, followed by a possible auction.Noront Resources gets prized Ring of Fire assets in deal with Cliffs Natural ResourcesCliffs Natural Resources files for creditor protection for Canadian armThe assets being sold include businesses related to the Bloom Lake mine, Wabush Iron Co. Ltd., Wabush Resources Inc., Arnaud Railway Company, the Wabush Lake Railway Company Ltd., and port facilities in Pointe-Noire, Que.Cliffs has said the court process would buy the owners time to explore restructuring and sale options.It may also protect the company from the US$700 million of closure costs, mainly from three years of obligation to the Quebec North Shore and Labrador Railroad owned by a Rio Tinto subsidiary, Iron Ore Company of Canada.Cliffs acquired majority ownership of Bloom Lake — a mine in the iron-rich Labrador Trough that began production in 2010 — as part of its takeover of Consolidated Thompson Iron Mines Ltd. in a $4.9-billion deal that closed in 2011.It had produced more than six million tonnes of ore annually. read more