Toronto-listed microcap MineHub Technologies says a C$1 million capital injection from Sumitomo Corporation will accelerate the digital commodity trading hub’s product development and increase its market engagement capacity.
The Japanese metals and trading house is a current user of MineHub’s metal concentrate transaction platform.
MineHub and Sumitomo Corporation had collaborated on development of a “suite of digital solutions for the concentrates market”, the former said, including its Assay Exchange product that connected buyers, sellers, laboratories and financiers in an “integrated and secure digital workflow”.
MineHub CEO Arnoud Star Busmann said Sumitomo’s capital injection validated the worth of the company’s digital platform.
“With Sumitomo Corporation actively using the platform in their day-to-day operations, we will be able to help connect one of the largest business networks in the mining and metals industry onto a common digital standard,” he said.
“Starting with copper concentrates, then expanding into other commodities.”
Sumitomo general manager non-ferrous metals and raw materials, Takeshi Ishimaru, said digitisation of metal concentrate transaction activity was “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,” he said.
MineHub’s share price is up nearly 48% in the past month, capitalising the company at about C$25 million.