Increasing Fraud in the Mining Industry Drives Demand for Innovative New Tech Solutions
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In 2024, the mining industry is facing more hurdles than ever before, creating an urgent need for a major digital overhaul.
Despite the digital revolution reshaping global industries, the $11 trillion mining market still relies heavily on paper records and manual spreadsheets. This archaic approach not only hampers efficiency but has laid the groundwork for a series of high-profile fraud cases.
Recent scandals have thrust this issue into the spotlight. Europe's largest copper producer Aurubis encountered a staggering 185 million (US$202 million) discrepancy in its inventory, a direct result of fraudulent activities involving manipulated paperwork and tampered samples.1
Another example is Trafigura, one of the worlds largest commodity traders, who fell victim to a $590 million fraud scheme involving low-value materials falsified as nickel.
But thats just the tip of the iceberg. In the last year, Glencore cut ties with a Chinese metals merchant after $500 million of copper went missing at a storage site,2 US trading company Gerald Group bought tin concentrate in Brazil that turned out to be sand and JPMorgan stored bags of nickel at the London Metal Exchange that were actually filled with rocks.3
Clearly, the entire industry is in desperate need of updated systems that can connect the entire supply chain and in turn, mitigate risk and increase efficiency.
An upgrade could also significantly increase profits. According to the World Economic Forum, digital transformation is estimated to generate more than $320 billion of value in the mining & metals industry over the next decade, including $77 billion through an integrated ecosystem that promotes seamless data exchange across the sector.
To combat the industry's traditionally slow embrace of new technologies, MineHub Technologies Inc. (TSXV:MHUB) (OTCQB:MHUBD) has developed a digital supply chain platform that seamlessly upgrades the metals and mining industry, helping to make the entire raw material supply chain more efficient, resilient and sustainable.
Making Raw Material Supply Chains More Efficient, Resilient and Sustainable
MineHub Technologies enterprise-grade digital supply-chain platform connects buyers, sellers, labs, and financiers in a digitally integrated workflow that is usable, shareable, verifiable and perhaps most importantly, unforgeable.
By using MineHubs platform to digitize their supply chains, companies can see and manage their operations in real time, making them stronger and more flexible. They can also automatically handle Environmental, Social, and Governance (ESG) reporting, which is becoming more and more essential as nations combat climate change.
MineHub helps get rid of old manual processes, helping companies operate more efficiently, reduce costs, enhance security, optimize working capital, and achieve greater transparency throughout global supply chains. MineHubs proven technology has already caught the attention of global mining giants like Capstone Copper, Sumitomo Corporation and Codelco, which are using the platform for logistics, compliance, trade management, and financing operations.
On March 19, MineHub Technologies Inc. (TSXV:MHUB) (OTCQB:MHUBD) expanded its partnership with Sumitomo, one of the largest integrated trading companies in the world, to further solidify their collaboration in promoting commercial growth and integrating Sumitomo's refined copper operations into the MineHub platform. This development builds on the initial partnership that started in February 2022, marking a significant advancement in the relationship between the two firms.
MineHub Technologies solidified a commercial relationship with Sumitomo in August 2022 when the global trading giant subscribed to MineHubs platform and enterprise applications as a paying client. This partnership took a significant step forward in June 2023 when Sumitomo invested $1 million into MineHub. This investment aimed to fast-track their shared objective of digitizing the metal concentrates market. It was strategically intended to bolster the adoption of MineHub's platform and its Concentrates Application, positioning it as the new standard for settling metal concentrate transactions.
With this recently announced expansion, Sumitomo will not only support sales initiatives but also contribute to increasing the commercial presence of the platform, extending its involvement beyond the concentrates business. This broader collaboration underscores Sumitomo's trust in MineHub's ability to add value across various aspects of the metals market.
MineHub Technologies also recently launched its platform with Codelco, the worlds largest copper producer. Following the three-year contract awarded on August 9, 2023, MineHub implemented and went live with Codelco, revolutionizing efficiency and transparency in mining. The partnership aims to digitize Codelcos global refined copper business, validating MineHubs technology. Through MineHubs advanced platform, Codelco enhances visibility, traceability, and operational efficiencies, improving the overall customer experience.
MineHub Technologies Inc. (TSXV:MHUB) (OTCQB:MHUBD) also recently announced enhancements to its platform with the launch of its Business Confirmations Module, a digital tool designed to streamline the contract execution process. This innovative software enables efficient negotiations, reduces errors and disputes, and improves internal compliance.
By providing a centralized platform for sharing structured contract terms, MineHub's module simplifies and standardizes the negotiation workflow, enhancing efficiency in contract negotiations. Key features include streamlined negotiations, reduced errors, and improved internal compliance. The module is now available to all MineHub customers, following extensive testing and rollout to select customers.
In December 2023, MineHub entered into a strategic partnership with leading mining and commodity analysis labs, including ALS Global. This collaboration streamlines the assay exchange process, offering users a seamless digital solution for shipment nominations. Integrating multiple labs into the MineHub ecosystem enhances the value proposition to the supply chain, particularly for large mining companies, helping accelerate workflows, reduce manual efforts, and maintain transparency. This integration allows MineHub to incorporate chemical results of commodities being assayed, providing unparalleled benefits to its customers.
As we navigate the digital transformation that is reshaping industries worldwide, MineHub stands out as a leader in revolutionizing the traditionally paper-reliant mining sector.
By offering streamlined SaaS solutions for critical functions such as order collaboration, ESG reporting, and assay exchange, MineHub Technologies not only demonstrates its advantage but also its growing influence on a global scale.
Click here to learn more about MineHub Technologies Inc. (TSXV:MHUB) (OTCQB:MHUBD).
Footnotes:
[1] https://www.bnnbloomberg.ca/copper-producer-aurubis-says-metal-scam-cost-it-185-million-1.1973337
[2] https://www.reuters.com/markets/commodities/glencore-cuts-ties-with-chinese-trader-caught-up-scandal-over-missing-copper-ft-2022-08-12/
[3] https://www.businessinsider.com/jpmorgans-nickel-bags-turned-out-to-filled-with-stones-2023-3
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