Technology company MineHub Technologies has gone live with its blockchain-based mining and metals technology platform that aims to lower mining costs, increase transparency and ensure sustainable production and trading.

MineHub teamed up with IBM and industry leaders across the mining supply chain, including ING Group, GoldCorp, Wheaton Precious Metals, Ocean Partners, Kutcho Copper, Capstone Mining and White & Case, all representing key areas of the supply chain across mining, streaming, trade and finance.

Built on the IBM Blockchain platform using the open-source Hyperledger Fabric standards, the consortium’s platform is designed to improve efficiency in trading operations and environmental and social governance compliance in mining and metals supply chains.

The $1.8-trillion global mining and metals market has traditionally suffered from inefficiencies, owing to manual, paper-based processes and a lack of transparency among supply chain participants, the company says.

“By digitalising the supply chain, increasing levels of automation and providing greater traceability, MineHub Platform users are expected to be able to streamline their operations, improve profit margins and contribute to sustainable supply chains and responsible sourcing,” says MineHub founder and executive chairperson Vince Sorace.

Blockchain technology provides a shared ledger to create a single, real-time view of transactions and data across the supply chain that can be seen by all authorised participants.

“By providing an immutable record of transactions, MineHub is already helping its members streamline operations, improve key process efficiencies and bring a new level of trust and transparency,” explains IBM energy and natural resources general MD Manish Chawla.

MineHub’s first release offers comprehensive functionality that enables miners to capture mineral production and digital contracts with buyers, and streamline post-trade operations, financing and logistics.

“The parties involved in selling, buying, delivering and paying for a cargo of minerals can now collaborate securely in real time, working in an integrated cross-company workflow, sharing electronic information rather than couriering or emailing paper documents that are subject to interception, fraud and cyberthreats.”

The MineHub platform can be used by a wide variety of company types and sizes, including small and medium-sized enterprises and large corporate miners, trading houses, financial institutions, alternative financiers, streamers, logistics companies and assayers, and across many verticals, including mineral concentrates, bulk metal and fertiliser.

“This platform will not only further improve our customer service benchmark but also enable us to help our customers across products and functions,” says ING Group global head of mining, metals and fertilisers Arnout van Heukelem.

“The group is excited to start demonstrating the benefits of the solution, in particular the cost savings from streamlining operations, improving access to finance and enabling mineral provenance,” adds MineHub CEO Arnoud Star Busmann.

“We anticipate a considerable reduction in disputes on assays and logistics events through the automation of the capture of mineral provenance data.”

MineHub’s ability to streamline information and provide a layer of assurance and transparency using blockchain technology can help transform how mining companies do business, concludes Capstone Mining Corp marketing manager Ashley Woodhouse.