- MineHub has been awarded a three-year contract to digitize Codelco's global refined copper business, representing a significant validation of MineHub's technology platform.
- MineHub's technology allows Codelco to provide its customers with increased visibility, traceability and efficiencies, along with an enhanced supplier-customer experience.
Vancouver, British Columbia--(Newsfile Corp. - August 9, 2023) - MineHub Technologies Inc. (TSXV: MHUB) (OTCQB: MHUBF) ("MineHub" or the "Company") is pleased to announce that it has finalized and signed a three-year contract with Corporación Nacional del Cobre de Chile ("Codelco"), the largest copper producer in the world. Further to the press release on March 23, 2023 announcing that Codelco has selected MineHub's Waybridge Platform after a Request for Proposal (RFP) and successful pilot process, both companies are now actively moving forward on digitizing Codelco's global refined copper business.
Andrea Aranguren, CEO of MineHub Technologies commented, "Codelco's three-year commitment to MineHub is a huge testament to the dedication and expertise of our team, as well as the trust placed in us by Codelco. The partnership between MineHub and Codelco is paving the way for groundbreaking advancements in digital solutions, empowering mining operations with supply-chain software that enhances efficiency and environmental responsibility. After rigorous evaluations and close collaboration, this prestigious contract represents the mutual trust and shared vision between our two companies."
The digital commercial platform, powered by MineHub, will enable Codelco customers to:
- Collaborate and share transactional information seamlessly via a secure digital platform, including contract negotiations, shipping information, documentation, claims requests, invoice and payment statuses;
- Consolidate key supply chain data to ensure traceability, data analytics and comprehensive ESG reporting, including CO2 transportation calculations;
- Improve visibility into global copper flows while enhancing the timeliness and accurate delivery of key data necessary for trade and decision optimization;
- Drive operational efficiency via continuous process improvement, data automation and systems integrations with its clients, service providers and strategic partners.
The MineHub and Codelco teams have already agreed on an implementation approach, as well as a comprehensive plan to onboard Codelco's global customers onto the platform. The teams have also started initial training and integration preparation work. Moreover, MineHub and Codelco are also together collaborating and investigating the potential for an expanded scope to include copper concentrates in the future.
MineHub's SaaS-based platform currently provides seamless order processing, real-time shipment tracking, inventory management and reporting for the commodities ecosystem by automating data connections between customers and their entire supply chains. MineHub has over 90 companies interacting digitally on its platform, including leading global manufacturers, as well as major miners, warehouses, and shipping companies.
Codelco is the largest copper producer in the world. Its main activity is to explore, develop and exploit mining resources; process them to produce refined copper and by-products, and market them to customers around the world. From the Nationalization in 1971 to 2021, it has generated surpluses of US$142 billion for the State of Chile (in 2021 currency). It has assets of US$43 billion and equity of US$11.6 billion as of December 2021. It operates in seven mining divisions in Chile: Chuquicamata, Ministro Hales, Radomiro Tomic, Gabriela Mistral, Salvador, Andina and El Teniente, in addition to the Ventanas Smelter and Refinery.
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.
CEO, MineHub Technologies Inc.
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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