Mining and Metals Blockchain Platform MineHub Technologies Commences Trading on TSX Venture Exchange
- Trading Systems , Bitcoins
- 07.09.2021 02:30 pm
MineHub Technologies Inc. is pleased to announce that the Company’s shares will commence trading today on Canada’s TSX Venture Exchange under the symbol “MHUB”.
MineHub becomes the first publicly-traded pure play on an end-to-end digital supply chain solution for the mining and metals industry. MineHub is a non-crypto, blockchain-based, open, enterprise-grade platform for digital trade, bringing transparency, resilience and responsibility to mining and metals supply chains. The platform connects the many parties involved in physical commodity transactions in a digitally integrated workflow, operating on the basis of shared information secured by a global enterprise blockchain network. This is much more efficient, secure and transparent than the current paper-based and manual processes that are causing major cost and compliance drags in these supply chains.
- First Mover Advantage: MineHub is the first company to commercialize an end-to-end digital supply chain solution for the mining and metals industry. The Company has completed a number of successful projects, including the first ever blockchain-based iron ore trade (see press release dated June 29, 2020 at https://minehub.com/investors/#press-releases).
- Industry Partners: MineHub has been working with some of the largest sector participants in the world, including Wheaton Precious Metals, ING Bank, BHP, Vale, Kimura Capital, China Baowu and IBM to develop the commercial version of its platform, which was launched earlier this year and is onboarding both large corporate and SME users across the globe.
- Development Growth Streams: New applications will be available over the coming months to assist the industry with carbon emissions tracking, trade finance and product quality reconciliation (concentrate assay exchanges).
- Expertise: MineHub management, board and advisory board possess decades of resource market and technology industry experience, including founding roles for multiple commodity-based blockchain companies
- Globally Established: MineHub is already present in key locations, with established teams in strategic markets such as Japan, Singapore and China, where more than 50% of metal commodity flows end up or are processed.
Arnoud Star Busmann, CEO at MineHub said:
“We are very pleased to have completed our over-subscribed $10 million financing and listing on the TSX-V, especially at a time when industries are really starting to understand the transformational power of shared digital infrastructure and transparency in high value supply chains. Transparent governance is a fundamental requirement for adoption of decentralised platforms like MineHub.”
Vince Sorace, Co-Founder and Chairman at MineHub said:
“Our TSX-V listing represents an important milestone for MineHub. With a strong balance sheet, industry experts, and ample opportunities for growth, we have a solid foundation to execute our strategy to further build and grow MineHub into the preeminent enterprise platform for commodity supply chains. This industry is ripe for technological advancements and we have proven change is possible with a powerful suite of tools to aid in this digital transformation, from real time data to trade finance and ESG attributes such as carbon emissions tracking.”
Over $1.8 Trillion in metals and minerals move across the planet every year. It is estimated that 5% to 10% of the value of goods (over $150 billion annually) is lost on multi party and paper-based processes1. Digital transformation is estimated to generate more than $320 billion of value in the mining & metals industry over the next decade, including $77 billion through an integrated ecosystem (linking operations, IT layers and systems) exchanging data throughout the World2.
In addition to digitally transforming their businesses, mining companies are under enormous pressure to better their environmental, social governance (ESG) performance.
- Accurate carbon reporting is critical to meeting the greenhouse gas reduction targets that firms have set themselves for the next decade, and in securing investment, financing, and offtake agreements.
- Information is becoming ever more important to consumer companies, however, scope 1 (direct) and scope 2 (indirect) emissions is rarely included as a standard data point in transactions.
- It’s important to get to the point where the specifications of the mineral produced are no longer just the chemical and the physical specifications, but also the ESG specifications.
From a consumer perspective, it’s likely that for instance vehicle manufacturers will be required to comply with specified emissions content limits for new vehicles sold into certain markets. In which case, a solution that provides complete visibility of the ESG attributes for each mineral or metal package is no longer a ‘nice-to-have', it’s imperative to both the consumer and producer’s access to the market. MineHub will be releasing functionality that enables users to attach, certify and verify evidence related to the ESG specifications and emissions footprint of their materials and shipments in upstream and downstream supply chains.
Ultimately, digitizing mineral supply chains ensures compliance with current and incoming regulations, it makes them resilient and adaptable enough to manage other and new challenges and opportunities that arise, both now and in the future. In addition, MineHub’s core technology is easily adaptable and scalable into other commodity markets such as agriculture, chemicals, energy – and ultimately, all global supply chains.