Vancouver, B.C., June 20, 2023. MineHub Technologies Inc. (TSXV: MHUB, OTCQB: MHUBF) (“MineHub” or the “Company”) is pleased to announce that Sumitomo Corporation has provided MineHub a $1 million capital contribution towards accelerating their joint goal of digitization of the metal concentrates market by promoting the adoption of the MineHub platform and its Concentrates Application as the emerging industry standard for the settlement of concentrates transactions. The capital contribution is part of MineHub’s commercial relationship with Sumitomo as previously announced in August 2022.
MineHub and Sumitomo Corporation have collaborated on the development of a suite of digital solutions for the concentrates market, including its transformative Assay Exchange solution, which connects buyers, sellers, laboratories and financiers in an integrated and secure digital workflow. In August last year, Sumitomo Corporation started using the MineHub platform in its operations. The companies are now intensifying their commercial collaboration in using MineHub as the platform to digitally connect Sumitomo Corporation’s direct business ecosystem of miners, smelters and refiners.
Arnoud Star Busmann, CEO at MineHub Technologies said: “Receiving such a capital injection from a global corporation and industry leader like Sumitomo is incredible validation of our vision and the value that our solutions can bring to our customers and the industry overall. This will accelerate not only our continued product enhancement, but it will also increase our market engagement capacity. With Sumitomo Corporation actively using the platform in their day-to-day operations, we will be able to help connect one of the largest business networks in the mining & metals industry onto a common digital standard. Starting with copper concentrates, then expanding into other commodities.”
Takeshi Ishimaru, GM Non-ferrous Metals and Raw Materials at Sumitomo Corporation said: “Digitization of the metal concentrates market is very important for our business and our customers. But that can only happen if the industry adopts a common standard, and we believe that the MineHub platform and the Concentrates Application is the clear and only candidate to become that standard. Therefore, we are happy to contribute this funding in order to accelerate the industry adoption of the MineHub platform and with that our digital transformation mission.”
Sumitomo Corporation is one of the leading participants in the concentrates market and has a clear vision of how the MineHub platform and the Concentrates Application can enable the industry to reduce operational risk, increase efficiency, and free up working capital by shortening settlement processes. By endorsing the MineHub platform to its vast global network of suppliers, customers and service providers, it expects that rapid adoption of an industry standard will unlock these benefits for their own operations as well as the wider industry itself.
Metal concentrates are of fundamental importance to the world’s industrial supply chains and the energy transition. This is particularly true in the copper market where concentrates are the feedstock for the smelters that produce refined copper for use in wiring, electric vehicles, construction, and electronics.
At the same time, metal concentrates are some of the most complex commodities to buy, sell or finance. In particular, the concentrate assay exchange is a complicated but critical process involving a cumbersome mechanism for buyers and sellers to exchange assay data and finalize transactions. The current process is often spreadsheet-based, time-consuming and prone to errors. Digitizing the concentrate assay exchange brings significant benefits to the market, including increased efficiency through automation, reduced risk of losses, and shortened settlement timelines. Improved real-time data management will help increase the profitability of transactions.
MineHub provides enterprise-grade digital solutions that connect buyers, sellers and financiers within physical commodities supply chains in a digitally integrated workflow powered by data that is useable, shareable, verifiable and unforgeable. Users of MineHub solutions are in full control of their supply chains, enabling them to optimize their use of resources, respond better and faster to disruptions, and provide a better customer service. Global enterprises already use MineHub solutions as part of their logistics, compliance, trade management and financing operations.
Arnoud Star Busmann
CEO, MineHub Technologies Inc.