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Codelco Selects MineHub Technologies’ Waybridge Platform for its Global Refined Copper Sales

March 23, 2023

Press Releases

Vancouver, B.C., March 23, 2023. MineHub Technologies Inc. (TSXV: MHUB, OTCQB: MHUBF) (“MineHub” or the “Company”) and Corporación Nacional del Cobre de Chile (“Codelco”) is pleased to announce that Codelco has selected its Waybridge Platform as Codelco’s Global Commercial Platform, following a Request for Proposal (RFP) and successful pilot. Codelco will utilize the Waybridge Platform to digitize 100% of its global refined copper business and lead the industry towards more efficient, reliable, and sustainable trading.

Arnoud Star Busmann, CEO at MineHub Technologies said: “Codelco’s selection of the Waybridge platform to digitise all its refined copper sales is transformative not just for Codelco and its global customer base, but potentially for the global copper industry. Combined with the MineHub platform, which has seen accelerated adoption by the copper concentrates market, there is now the opportunity for the copper industry to adopt a common standard and accelerate the digital transformation of the industry – with all the benefits that that can bring in terms of efficiency, transparency, resilience, and compliance. We are very much looking forward to starting this journey.”

The SaaS-based Waybridge platform currently provides seamless order processing, real-time shipment tracking, inventory management and reporting for the commodities ecosystem by automating data connections between customers and their entire supply chains. Waybridge has over 90 companies interacting digitally on its platform, including leading global manufacturers, as well as major miners, warehouses, and shipping companies.  In 2022, Waybridge customers managed more than $7 billion of raw materials via the platform.

Carlos Alvarado, CCO at Codelco said: “Following a comprehensive evaluation, we are pleased to have selected Waybridge as our technology partner to launch a commercial platform for our refined copper sales. Digitalization is one of our core strategic enablers, and the benefits we aim to capture with this selection bring us several steps closer to our goal, providing more visibility and traceability to our customers. Embracing this innovation and the efficiencies it brings, the supplier-customer experience via Waybridge will tremendously enhance our customer service initiatives. We look forward to rolling out this platform to our global customers soon!”

The Waybridge Platform will enable Codelco and its customers to:

  • Collaborate and share transactional information seamlessly via a secure digital platform, including contract negotiations, shipping information, documentation, claims requests, invoice and payment statuses;
  • Consolidate key supply chain data to ensure traceability, data analytics and comprehensive ESG reporting, including CO2 transportation calculations;
  • Improve visibility into global copper flows while enhancing the timeliness and accurate delivery of key data necessary for trade and decision optimization;
  • Drive operational efficiency via continuous process improvement, data automation and systems integrations with its clients, service providers and strategic partners.

At a time when supply chain disruption, labor shortages and systemic fraud are becoming the norm, the need for transparency and digitization is becoming increasingly urgent. Modern digital tools can ease the significant operational burden of administering commodity shipments, provide mine-to-market visibility and traceability for buyers and sellers, as well as meaningfully reduce instances of fraud in the supply chain. 

Codelco is considering to generate a plan with MineHub to onboard Codelco’s global concentrates and blister businesses as well, using the Assay Exchange functionality within the MineHub platform.

MineHub and Codelco will host a panel event on 17 April in Santiago, Chile to discuss the need for digitisation of the copper industry.

About Codelco

Codelco is the largest copper producer in the world. Its main activity is to explore, develop and exploit mining resources; process them to produce refined copper and by-products, and market them to customers around the world. From the Nationalization in 1971 to 2021, it has generated surpluses of US$142 billion for the State of Chile (in 2021 currency). It has assets of US$43 billion and equity of US$11.6 billion as of December 2021. It operates in seven mining divisions in Chile: Chuquicamata, Ministro Hales, Radomiro Tomic, Gabriela Mistral, Salvador, Andina and El Teniente, in addition to the Ventanas Smelter and Refinery.

About MineHub Technologies

MineHub and Waybridge are enterprise-grade solutions connecting all parties along the physical commodities supply chain. They replace existing processes in which thousands of data interactions and scores of documents are shared amongst counterparties by fax, phone and e-mail. By digitizing the complex workflow among participants in a physical commodity transaction, MineHub brings efficiency and security to the mining and metals supply chain. MineHub solutions allow firms to create data that is useable, shareable, verifiable and unforgeable. Global enterprises already use MineHub and Waybridge as part of their logistics, compliance, trade management and financing operations.

Arnoud Star Busmann
CEO, MineHub Technologies Inc.

For further information regarding MineHub, please email info@Minehub.com or visit our website at www.minehub.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 management discussion and analysis, 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.

Although the Company has attempted to identify risk factors that could cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. The forward-looking information is made as of the date included herein, and the Company assumes no obligation to publicly update or revise such forward-looking information. 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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The Platform

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Inventory management
  • Integrated with trade management enables with automated updates of inventory with stock inflows and outflows
  • Forecast inventory levels to avoid stockouts
  • Optimize working capital through minimizing excess stock levels
  • Remove spreadsheets, reconciliation communications and operational risk of manual updates

Trade Management

Buyers and sellers of commodities collaborate on all aspects of their term contracts and transaction in one place, enabling all parties involved in a transaction to always be on the same page, in real-time

Benefits

  • Real-time visibility of all shipments across oceans and land – location and ETA
  • Secure exchange of key documents
  • Keep all communications related to the transaction with the transaction data set
  • Notifications of key events
  • One version of the truth – no need to reconcile and check
Arnoud Star Busmann is one of the pioneers in the intersection of commodities, finance and blockchain technology. Prior to joining Minehub, he was the Innovation lead for Commodities at ING Bank where he led the cross-industry initiative ‘Easy Trading Connect” that spawned projects like VAKT and komgo. Arnoud is an all-round executive with tech DNA, and has over 20 years experience in strategy execution, enterprise transformation and “blue chip” startups. After obtaining a master’s degree in Computer Science from the Netherlands, he lived and worked across Europe, Asia and Oceania.