The transaction involved the full ePresentation against a letter of credit for Copper concentrates including electronic Bills of Lading using Bolero's market-leading ePresentation solution.

The process, which was entirely paperless, involved a number of counterparties. These included the BHP Billiton joint venture Minera Escondida Limitada and the baby LC applicant Hong Kong Xiangguang International Holdings Limited. The baby LC issuing bank and master LC advising bank was an Australian bank. The master LC applicant was Yanggu Xiangguang Copper Co. Ltd and the master LC issuing bank was Agricultural Bank of China. The carrier was Oldendorff Carriers who created the electronic Bill of Lading.

The ePresentation process is fast becoming an important transaction mechanism for international exporters and producers, with over US$7bn processed over the Bolero platform in the last 12 months. Buyers typically include large manufacturers and trading organisations specialising in commodities.

Zhang Zhaojie, Head of Trade Services Division, International Department at Agricultural Bank of China said: "As the master LC issuing bank, Agricultural Bank of China was delighted to participate in this significant first back-to-back transaction in China. Electronic presentations are playing a major role in the straight-through processing agenda, making international trade more efficient and collaborative."

Ross Wilkinson, regional director, Asia Pacific, Bolero, added: "Complex back to back LC structures are significant instruments in the procurement hubs of Hong Kong and Singapore and Bolero is excited to have demonstrated the value of accelerating their cycle times. BHP Billiton has further advanced the journey away from labour intensive manual processes to dematerialised trade finance processes and systems interoperability by successfully completing this electronic presentation milestone"