MineHub announces the expansion of its partnership with Sumitomo Corporation with plans to integrate Sumitomo's refined copper business onto the Minehub Platform, starting with key customers in the Asian market.
Sumitomo Corporation will now support sales efforts and drive commercial traction for MineHub's refined platform in addition to the existing collaboration with MineHub on the concentrates business.
Vancouver, British Columbia--(Newsfile Corp. - March 19, 2024) - MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBD) ("MineHub" or the "Company"), a leading provider of digital supply chain solutions for the commodity markets, is pleased to announce the expansion of its partnership with Sumitomo Corporation ("Sumitomo"), further solidifying the collaboration to drive commercial traction and integrate its refined copper business onto the MineHub platform. This extension marks an exciting step forward in the mutually beneficial relationship between the two companies.
As part of the extended partnership, Sumitomo will also play a pivotal role in supporting sales efforts and driving commercial traction for the refined platform, in addition to the existing concentrates business. This expanded scope reflects the confidence and validation Sumitomo has in the capabilities and potential of the MineHub platform to deliver value across multiple segments of the metals market.
Andrea Aranguren, President & CEO of MineHub stated, "We are thrilled to deepen our partnership with Sumitomo and expand the scope of our collaboration. By joining forces to drive commercial traction and integrating Sumitomo's refined copper business onto our platform, we are poised to unlock new opportunities for growth and innovation in the metals industry. We are excited about the prospects of this expanded collaboration and look forward to realizing the benefits it will bring to the market."
Takeshi Ishimaru, General Manager of Non-Ferrous Metals and Raw Material at Sumitomo, commented, "The extension of our partnership with MineHub marks a significant milestone in the ongoing collaboration between the two companies. We believe that integrating our refined copper business onto the MineHub platform will not only streamline our operations but also enhance our ability to serve our customers effectively. We are very excited about the possibilities this partnership presents and look forward to the continued success of our joint endeavors."
Sumitomo expects to integrate its refined copper business onto the MineHub platform starting with key customers in the Asian market. This strategic move underscores the commitment of both companies to leverage digital solutions for optimizing operations, enhancing efficiency, and delivering superior customer experiences. The extension of the partnership between MineHub and Sumitomo reflects a shared commitment to harnessing technology and innovation to drive value for customers and stakeholders.
MineHub and Sumitomo have been working together since February 2022 when the Company announced a partnership with the shared goal of bringing efficiency, transparency and responsibility to industrial supply chains. In August 2022, MineHub and Sumitomo entered into a commercial agreement with Sumitomo subscribing as a paying customer to MineHub's platform and enterprise applications. This was followed by a $1 million capital contribution by Sumitomo in June 2023, which provided MineHub with the funding required to accelerate their joint goal of digitization of the metal concentrates market by promoting the adoption of the MineHub platform and its Concentrates Application as the emerging industry standard for the settlement of concentrated transaction.
About MineHub Technologies
MineHub is the digital supply chain platform for the commodity markets, making raw material supply chains more efficient, resilient and sustainable. MineHub provides enterprise-grade digital solutions that connect buyers, sellers, laboratories and financiers within physical commodities supply chains in a digitally integrated workflow powered by data that is useable, shareable, verifiable and unforgeable. Users of MineHub solutions are in full control of their supply chains, enabling them to optimize their use of resources, respond better and faster to disruptions, and provide a better customer service. Global enterprises already use MineHub solutions as part of their logistics, compliance, trade management and financing operations.
Andrea Aranguren
CEO, MineHub Technologies Inc.
For further information regarding MineHub, please email info@minehub.com or visit our website at www.minehub.com. Tel: (604) 628-5623
Cautionary Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements that are considered "forward-looking information" within the meaning of applicable Canadian securities legislation ("forward-looking statements") with respect to MineHub including, but not limited to, statements with respect to MineHub's future operational plans, the timing of such plans and anticipated customers. Forward-looking statements are statements that are not historical facts are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although MineHub believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company's ability to raise sufficient capital to fund its operations, applications and for general working capital purposes, changes in economic conditions or financial markets, changes in laws or regulations that could have an impact on the Company's operations, dependence on its key management personnel and market competition. Other risk factors are identified in the Company's management discussion and analysis, available on the Company's SEDAR profile at www.sedar.com. There may be other risk factors not presently known that management believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. Although the Company has attempted to identify risk factors that could cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of the factors are beyond the control of the Company. Accordingly, readers should not place undue reliance on forward-looking statements or information. The forward-looking information is made as of the date included herein, and the Company assumes no obligation to publicly update or revise such forward-looking information. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of MineHub's management on the date the statements are made. However, except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change.
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