Metals logistics platform Minehub signs up Sumitomo Corp

Minehub Technologies

16/08/2022 13:00

LONDON, Aug 16 (Reuters) - MineHub Technologies  MHUB.V ,
which has digitised trade finance and logistics in metals and
mining, has signed up Japan's Sumitomo Corp  8053.T  to use its
platform, the companies said on Tuesday.
    Online platforms for industrial metals have gained momentum
since last year as traders gradually move away from traditional
paper-based systems.  urn:newsml:reuters.com:*:nL8N2R03BB
    Trading house Sumitomo will use MineHub initially for its
copper concentrate supply chain, a statement said.
    "MineHub is the most mature blockchain-based post-trade
platform in metals and mining," said Takeshi Ishimaru, general
manager of Sumitomo's non-ferrous metals and raw materials
department.  
    Last month, MineHub said global miner BHP Group  BHP.L  had
subscribed to MineHub and agreed to use the platform. 
    Sumitomo said last week its net profit for the April-June
quarter rose 45% to a record thanks to higher prices of
commodities such as coal and nickel as well as strong demand for
steel products in North America.  urn:newsml:reuters.com:*:nL4N2ZF0PO
      
    

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