BHP completes first blockchain copper concentrate trade with Minmetals

Minehub Technologies

14/12/2021 13:00

LONDON, Dec 14 (Reuters) - Miner BHP Group  BHPB.L  has
completed a $30 million blockchain trade in copper concentrate
with China Minmetals Corp, online platform MineHub  MHUB.V  said
on Tuesday. 
    The pilot transaction was the first cross-border shipment
for copper concentrates using blockchain, MineHub said in a
statement.
    "We’re planning another trial with an expanded scope in
early 2022," BHP Chief Commercial Officer Vandita Pant said in
an article on BHP's website.
    Blockchain is a digital ledger that forms the backbone of
many cryptocurrencies such as bitcoin. 
    In June 2020, BHP used MineHub for its first blockchain
trade in iron ore https://www.reuters.com/article/us-bhp-ironore-blockchain-idUSKBN240048
 with China Baoshan Iron & Steel Co Ltd.
    Commodity groups in recent years have been seeking to save
money by digitising a sector that still uses millions of paper
documents, faxes and emails, but progress has been slow.
 urn:newsml:reuters.com:*:nL8N2R03BB  urn:newsml:reuters.com:*:nL8N2R32MO
    The settlement process for copper concentrates - partially
processed ore - is complex, involving data moving between 
banks, logistics providers and government departments.
    The blockchain copper transaction also included carbon
emissions data and metals assay results showing the various
elements of the concentrate, MineHub Chief Executive Arnoud
Busmann said.
    The destinations of the shipment, which was completed
recently, were not disclosed, a spokesperson said.

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