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.
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.