Mine host, Baynet

Telecommunications and internet provider Primus Telecom is to join with the Joseph Gutnick network of mining companies to create -- under the auspices of the Gutnick companies' web entity Baynet -- a neutral portal where mining industry members will be able to procure goods and services in a secure environment.

"They will also be able to buy and sell goods using dynamic pricing mechanisms and negotiate using online tendering," according to a statement of intent released on Tuesday.

Both Primus and the Gutnick group will fund the new initiative; Gutnick will also bring to the table its intimate knowledge of the global mining industry, while Primus's contribution will be its communications and e-commerce expertise.

Baynet will derive its revenue through the provision of a range of functions including "infomediary" and community, online tendering, auctioning, online catalogue and transaction system, employment, data mining, and application service provider activities.

The new portal is scheduled to go live by July this year.

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