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The London Metal Exchange (LME) and LME Clear were pleased to welcome President of Chile Michelle Bachelet to 10 Finsbury Square today, where she officially declared the companies’ new offices and Ring open.

After formally opening the new premises in a ribbon-cutting ceremony at midday, President Bachelet visited the LME’s open-outcry trading floor, the Ring, to observe the Official Prices being set. She then met with chief executives from the world’s leading metals and mining companies, including Anglo American, Antofagasta, BHP Billiton, Codelco, Glencore and Rio Tinto. Senior executives from LME member firms also attended the event.

 “This is a relationship that has been important to us for 140 years. It was a privilege to be a part of the Ring and to see the transactions there, where the prices are set. I understand that transparency is essential, and everybody knows the processes here are as they should be," said President Bachelet.

The LME is conscious of the importance of copper mining to the Chilean economy, and the fact that its copper output is traded on the basis of LME prices. This represents a strong link between the UK and Chile.

“Chile’s large copper industry has been important to the LME since we were established in 1877. In fact, our contracts were partly designed based on the time it took to ship copper from Chile to London,” said Garry Jones, LME CEO.

“We value this long-term partnership, and we’re proud to welcome President Bachelet to our new offices today, as they reflect the LME’s investment and innovation in global metals trading.”

Also visiting from the Chilean government were Heraldo Muñoz, Minister of Foreign Affairs,Aurora Williams, Minister of Mining, Rodrigo Valdés, Minister of Finance and Alberto Undurraga, Minister of Public Works, as well as Rolando Drago, Ambassador of the Republic of Chile to the UK.

The ceremony was witnessed by the Rt Hon Hugo Swire, Minister of State at the UK Foreign and Commonwealth Office, Jin Xu, Minister Counsellor at the Embassy of the People’s Republic of China in the UK, and Priscilla To, Director General of the Hong Kong Economic and Trade Office in London.

• [Editor:zhang yuan]