Sumitomo Corporation Contributes $1 Million to MineHub for Accelerating the Digitization of the Concentrates Market
Vancouver, British Columbia--(Newsfile Corp. - 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
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.
About MineHub
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.
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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