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MineHub Launches Assay Exchange Solution for Base Metal Concentrates Transactions
Vancouver, British Columbia--(Newsfile Corp. - November 16, 2021) - MineHub Technologies Inc....
About this update from Minehub Technologies, Inc.
[{"type":"text","content":"MineHub Launches Assay Exchange Solution for Base Metal Concentrates TransactionsVancouver, British Columbia--(Newsfile Corp. - November 16, 2021) - MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) (\"MineHub\" or the \"Company\") is pleased to announce the launch of its Assay Exchange application for base metal supply chains. The solution is the first in a series of network applications for concentrates transactions the company intends to roll out over the next months. MineHub Assay Exchange is an enterprise application designed to digitalise and streamline the assay exchange process between buyer, seller and labs in base metal concentrates transactions. The application is integrated with the core MineHub platform, and is provided as an additional offering to further increase the value of the MineHub platform to its users.Arnoud Star Busmann, CEO at MineHub said: \"The MineHub platform has been designed to support the post trade operations for concentrate transactions, enabling our users to streamline and digitalise one of the most operationally sensitive parts in the settlement process.\"MineHub is an open, enterprise-grade platform for digital trade, bringing efficiency, transparency and responsibility to mining and metals supply chains. The platform connects the many parties involved in physical commodity transactions in a digitally integrated workflow by operating on the basis of shared information, secured by a global enterprise blockchain network. This provides greater efficiency, security and transparency relative to the current paper-based and manual processes.Concentrates are finely ground materials (with waste rock removed) containing metals and minerals from mine sites such as copper, nickel, lead, zinc. The value of the concentrate is defined by the composition and prices of the individual elements that make up the concentrate. Every time the concentrate changes hands or custody, the buyer and seller rely on laboratory tests called assays to verify the metals composition. The assay exchange process is an iterative process in which the buyer and seller compare their respective assays and sometimes require umpire arbiters to ultimately agree on the chemical specification of the concentrate that is being transacted, and therefore the final price the buyer must pay the seller. Benefits of the MineHub Assay Exchange...