ancouver, B.C., November 24, 2021. MineHub Technologies Inc. (TSXV: MHUB, OTCQB: MHUBF) (“MineHub” or the “Company”) is pleased to announce the launch of its Contract Management solution for supply chain transactions.
MineHub Contract Management is an enterprise application that digitalises and streamlines administration of key contracts and the associated shipment and transaction terms. The blockchain technology underlying the MineHub platform provides the contract parties with an immutable audit trail of proposed and agreed amendments, as well as a shared view of progress and performance of the contract between them.
Arnoud Star Busmann, CEO at MineHub said: “The MineHub platform has been designed to support the post trade operations of commodity supply chain transactions. Each one of these starts with a contract. If you have a large number of contracts with many different customers or suppliers, and multiple transactions or shipments under each contract – keeping track of it all in real-time is a task that begs for automation and digitalisation. That request has come through from our users loud and clear, so we are very excited that we can now offer this functionality.”
The vast majority of metals & mining transactions are based on annually negotiated term contracts. For instance, a steel mill will contract their supplier to deliver 10 million tons of a specific brand of iron ore over a 12 month period, with the contract stipulating number and schedule of shipments, volumes, pricing, specifications, payments, and logistics. Similarly, a copper cathode producer may have hundreds or thousands of term contracts with their customers, with monthly volume targets and several individual container shipments per month. Once contracts start, suppliers and customers continuously rekey information into individual purchase or sales orders, logistics, specifications, payment terms, etc. –as destination ports may change, specifications are off, containers are held up in customs, market prices change, payments are amended and/or different service and logistics providers are nominated. All of these changes need to be checked against the contract, variations need to be agreed and formalised between the parties, and financial accounts and forecasts need to be adjusted.
Contract management is labour intensive for both customers and suppliers. This will only increase as ESG requirements (such as tracking carbon emissions at transaction level) start to be included in contract terms.
Minehub Contract Management automates many of the manual aspects of the process. As individual shipments are initiated by operations, most of the transaction terms – like required specifications, payment terms and logistics, are prefilled on the basis of the most recently agreed master contract terms. No rekeying needed. The underlying blockchain then enables the parties to negotiate amendment proposals and immutably record acceptance or rejection of changes for that transaction, record variations against the agreed terms, and create a shared view of the actual contract performance between buyer and seller. This enables real-time reporting, eliminates reconciliations, reduces disputes, and improves customer service.
The MineHub Contract Management solution will therefore enable operations teams of buyers and sellers to spend less time and effort on processing, finding and checking information, and more time using the data to improve the performance of the contracts. The solution can be used on a standalone basis as well as integrated with existing contract management and ERP solutions that users have invested in.
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.
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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.
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.