Owner of new Singapore exchange Abaxx agrees deal with MineHub

Abaxx Technologies

01/08/2024 16:42

LONDON, Aug 1 (Reuters) - Abaxx Technologies Inc
 ABXX.NLB , which owns a new Singapore-based commodities
exchange, has sealed a strategic partnership with
Canadian-listed MineHub Technologies Inc  MHUB.V , the 
companies said on Thursday.
    Under a share exchange deal, Abaxx will acquire 10.9% of
MineHub, a joint statement said.
    On June 28, Abaxx Exchange started trading in liquefied
natural gas (LNG) and carbon futures, but delayed the launch of
its contract for nickel sulphate.
    Abaxx had initially planned to launch the world's first
futures contract for nickel sulphate at the same time as the
other two contracts.
    MineHub, which has digitised trade finance and logistics in
metals and mining, last year bought rival Waybridge.
    In June, it posted record revenue and said it has expanded
activity among customers, which include Chile's Codelco, the
world's largest copper producer, and Japan's Sumitomo Corp
 8035.T .
    Abaxx and MineHub will explore data integration and work
towards entering other commodities markets besides copper and
aluminium where MineHub has so far focused, they said.
    Abaxx has previously said it aimed to eventually add
contracts for other metals used in EV batteries such as lithium,
and precious metals.

 (Reporting by Eric Onstad; editing by David Evans)
 ((eric.onstad@thomsonreuters.com; +44 20 7542 7093; Twitter https://twitter.com/reutersEricO;
 Reuters Messaging: eric.onstad.thomsonreuters.com@reuters.net))