MineHub’s blockchain used for first cross-border copper shipment
22:00, 15 December 2021
MineHub Technologies announced on Tuesday that Anglo-Australian miner BHP and China Minmetals have used its blockchain technology to process their first cross-border copper concentrate trial shipment.
MineHub CEO Arnaud Star Busmann said in a statement that the MineHub platform has evolved significantly since BHP completed the first iron ore transactions with China Baowu in 2020.
“We are very excited to complete this pilot transaction with these forward-looking partners. Designing and building with industry for industry is a continuous journey and fundamental to our success,” Busmann said in the statement.
It was the first transaction of its kind for copper concentrates, according to the statement.
At present, the settlement process of copper concentrates is lengthy and complex, suffers from high processing costs, complex pricing mechanisms and vulnerability to errors and fraud. The two companies currently rely on email and paper transmission for exchange of information on trade execution which involves banks, commercial institutions, logistics providers, and often government departments.
Large numbers of commercial documents are produced as part of the process that need to be exchanged and verified. As traded volumes of copper concentrate have doubled in recent years in the largest market China, market participants urgently need a safe, stable, efficient, and real-time data sharing system platform.
Collaborate in blockchain platform
MineHub’s blockchain technology enables operations teams in companies like BHP and Minmetals to collaborate with each other as well as their banks, service and logistics providers on the basis of shared, real-time data. Data privacy, integrity and control are secured by enterprise blockchain technology.
The end-to-end post-trade process for this shipment between BHP and Minmetals was completed on the platform. The parties have agreed to continue working together to promote the development and deployment of efficient post-transaction process solutions.
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