BHP and China Minmetals Complete First Cross-Border Copper Concentrate Transaction Using MineHub's Blockchain Platform
Singapore, Singapore and Vancouver, British Columbia--(Newsfile Corp. - December 14, 2021) - MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) ("MineHub" or the "Company") is pleased to announce that the MineHub platform has been used by two of the largest companies in the mining & metals industry, BHP and China Minmetals, in the first cross-border copper concentrate trial shipment processed on blockchain technology.
Arnoud Star Busmann, CEO at MineHub, said: "The MineHub platform has evolved significantly since BHP, the leading global resources company completed the first iron ore transactions on it in 2020 with China Baowu. Now another industry-leading innovative company China Minmetals working with BHP has used our blockchain platform for secure and transparent inter-company and cross-border data sharing including multiple new use cases like emissions data sharing and a metals assay exchange process. We are very excited to complete this pilot transaction with these forward-looking partners. Designing and building with industry for industry is a continuous journey and fundamental to our success."
At present, the settlement process of copper concentrates is lengthy and complex, suffers from high processing costs, complex pricing mechanisms and vulnerability to errors and fraud. The information exchange between the two parties of trade execution relies largely on e-mail and paper transmission, involving many parties such as banks, commercial institutions, logistics providers and often government departments. Large numbers of commercial documents are produced as part of the process that need to be exchanged and verified. As traded volumes of copper concentrate have doubled in recent years in the largest market China, market participants urgently need a safe, stable, efficient, and real-time data sharing system platform.
MineHub provides that solution, which has been created to support these complex cross-border commodity transactions. It enables operations teams in companies like BHP and Minmetals to collaborate with each other as well as their banks, service and logistics providers on the basis of shared, real-time data. Data privacy, integrity and control are secured by enterprise blockchain technology.
The end-to-end post-trade process for this shipment between BHP and Minmetals was completed on the platform, and included the use of several MineHub innovations:
- Blockchain-based assay exchange, including final assay determination
- Carbon emissions data sharing (Scope 1, 2 and 3)
- Using MineHub node hosted in mainland China to ensure local data residence
This was the first transaction of its kind for copper concentrates, and the parties have agreed to continue working together to promote the development and deployment of efficient post-transaction process solutions, create a better customer experience and achieve transparency and tracking of carbon emissions reduction.
About MineHub Technologies
MineHub is an open, enterprise-grade platform for digital trade, bringing efficiency, security and responsibility to mining and metals supply chains. MineHub connects the many parties involved in a physical commodity transaction in a digitally integrated workflow, operating on the basis of shared information secured by a global enterprise blockchain network. Users of MineHub are in full control of their supply chains, enabling them to optimize their use of resources, respond better and faster to customer needs and have confidence in the resilience, security and compliance of their operations.
Arnoud Star Busmann
CEO, MineHub Technologies Inc.
Nominis Advisory, Angus Campbell at firstname.lastname@example.org
RB Milestone Group, LLC (RBMG) at email@example.com
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements that are considered "forward-looking information" within the meaning of applicable Canadian securities legislation ("forward-looking statements") with respect to MineHub including, but not limited to, statements with respect to MineHub's future operational plans, the timing of such plans and anticipated customers. Forward-looking statements are statements that are not historical facts are generally, but not always, identiﬁed by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although MineHub believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company's ability to raise suﬃcient capital to fund its operations, applications and for general working capital purposes, changes in economic conditions or ﬁnancial markets, changes in laws or regulations that could have an impact on the Company's operations, dependence on its key management personnel and market competition. Other risk factors are identified in the Company's prospectus dated August 18, 2021, available on the Company's SEDAR profile at www.sedar.com. There may be other risk factors not presently known that management believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. The forward-looking information is made as of the date included herein. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of MineHub's management on the date the statements are made. However, except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change.
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