Sumitomo Corp. has pledged $1 million to MineHub Technologies (TSXV:MHUB; OTC:MHUBF) to accelerate the digitization of the concentrates market. The funds will be used to promote the adoption of the MineHub platform and its concentrates application as the industry standard for the settlement of concentrates transactions.
MineHub and Sumitomo 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 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’s direct business ecosystem of miners, smelters, and refiners.
"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,” said Takeshi Ishimaru, Sumitomo’s GM non-ferrous metals and raw materials.
Sumitomo 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.
Find out more on www.MineHub.com.