MineHub Technologies has made a good start on actioning its plan to expand its copper market footprint and commercial customer base this year with an announcement that Vancouver-based Capstone Copper Corp has kicked off commercial use of its trading platform.
Under Capstone’s subscription to the platform, an initial “live shipment” of about 10,000 tonnes of copper concentrate was being tracked on its way from the US to Japan. The company owns the Pinto Valley copper mine in Arizona, USA. It also has copper-silver mines in Mexico and Chile.
Capstone director of marketing for its global concentrate and metal sales, Ashley Woodhouse, said the MineHube platform offered a “streamlined way of executing our metals marketing transactions and provides customers with up-to-date visibility on our sales and shipment process”.
“We look forward to furthering our relationship with MineHub as they transform the performance of global supply chains,” Woodhouse said.
The Toronto venture exchange-listed MineHub’s share price was up about 10% Wednesday to C31c, capitalising it at circa-$24 million.
“We have been working with Capstone’s team and their customers on many of the platform features, enhancing our product further and leading to next stage in our collaboration,” MineHub CEO Arnoud Star Busmann said.
“Announcing this commercial contract and kicking off with a live shipment from Capstone is a great start to the year.”
Busmann said earlier this month MineHub had focused on the upstream copper industry as a “strategic entry point” for its technology and offering in 2022, and signed commercial deals with BHP and Sumitomo Corporation among others.
“Copper is essential to the energy transition and is widely used in the automotive, construction, renewable energy, consumer electronics and other industries,” he said.
“An efficient and resilient copper supply chain is thus of paramount importance to most countries around the world.
“MineHub’s platform is gaining acceptance as one of the few digital offerings able to meet the demands of this highly technical and globally integrated supply network.
“The MineHub platform can be easily adapted to other commodity supply chains, with the company planning to expand to iron ore, zinc and lithium markets in 2023.
“[Our] emphasis is shifting from build-out to onboarding customers for live operations.”