BHP Billiton and China Minmetals use MineHub's blockchain platform to trade copper concentrate

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MineHub Technologies said the MineHub platform had been used by BHP Billiton and China Minmetals, two of the largest companies in the mining and metals industries, for the first cross-border copper concentrate trial run based on blockchain technology.

BHP completed its first iron ore blockchain deal in 2020, but it was the first of its kind in a copper concentrate.

At present, the settlement process of copper concentrate is long and complex, the processing cost is high, the pricing mechanism is complex, and it is prone to error and fraud. In recent years, as the trading volume of copper concentrate in the largest market (China) has doubled, market participants urgently need a safe, stable, efficient and real-time data sharing system platform.

The end-to-end post-transaction process for the shipment between BHP Billiton and Minmetals is done on the blockchain platform, including the use of a number of MineHub innovations: blockchain-based laboratory exchange, including final test determination; carbon emissions data sharing (scope 1, 2, 3); and the use of MineHub nodes hosted in mainland China to ensure local data residency.

MineHub enables operations teams to collaborate with each other based on shared real-time data and with their banks, services, and logistics providers. Data privacy, integrity, and control are protected by enterprise blockchain technology.