Metals logistics platform MineHub to acquire Waybridge for $2.5 mln in shares

Minehub Technologies

02/03/2023 12:00

LONDON, March 2 (Reuters) - Canada's MineHub
Technologies Inc  MHUB.V , which has digitised trade finance and
logistics in metals and mining, agreed to buy rival Waybridge
for $2.5 million in MineHub shares, the firms said on Thursday.
    Online platforms for industrial metals have gained momentum
in recent years as traders gradually move away from traditional
paper-based systems.
    The two firms complement each other, with MineHub stronger
in Asia and mining firms and Waybridge more focused on North
America and industrial consumers of metals, a joint statement
said.  
    Privately-held Waybridge has over 90 companies interacting
on its platform including manufacturers, miners, warehouses and
shipping companies, it added.
    Last year, global miner BHP Group  BHP.L  and Japan's
Sumitomo Corp  8035.T  both subscribed to MineHub and agreed to
use its platform.
    "We have the potential to significantly reduce timelines to
reach critical mass and become an industry standard, creating
network value for our customers," said MineHub Chief Executive
Arnoud Busmann. 
    "All the data that key industries... need to verify
compliance with ESG policies, trade regulations or determine
their Scope 3 emissions exposure will be captured and accessible
in one place."
    Current Waybridge CEO Scott Evans will be appointed to
MineHub’s Advisory Board to help work on commercialization and
strategy.

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