Blockchain platform Minexx has been approved by the government of Rwanda to support artisanal miners in accessing capital and supplying global markets in a way that meets Organisation for Economic Cooperation and Development and International Conference on the Great Lakes Region responsible sourcing standards.
Minexx is posited to help artisanal and small-scale mines (ASMs) increase their efficiency and safety by linking them to appropriate expertise, equipment and capital.
In collaboration with the Rwanda Mines, Gas and Petroleum Board (RMB), Minexx will deploy and supervise blockchain-powered technology to record and track mines’ key transactions, including miners’ payments, mineral traceability, minerals taxation, export processes, supply chain corrective actions and community relations.
At a local level, ASM operators will be using Minexx digital platforms and due diligence processes.
This is aimed at ensuring that, when ASMs extract tin, tungsten, tantalum, niobium and gold, these materials are transported, processed, exported and traded in a conflict-free and legal manner.
Blockchain is mentioned as being immutable and, therefore, said to engender traceability, transparency and trust.
It is also aimed at ensuring that ASMs meet the expectations of their downstream customers, namely smelters, metal refiners and tech companies that use these minerals to manufacture products such as computers and smartphones.
“Minexx is looking forward to working with the Rwandan government and other stakeholders to bring traceability, transparency and trust to the minerals sector through our blockchain technology. This will lead to benefits to the miners themselves through access to capital, but also to the Rwandan government through taxation.
“Minexx hopes to lead the way of satisfying the world’s appetite for technology in a fair way for people and planet. We hope to help more artisanal mining sites and roll out our in-demand services to other minerals-producing countries on the African continent,” says Minexx CEO Marcus Scaramanga.