Advos

Abaxx and MineHub Partner to Transform Commodities Markets

August 1st, 2024 12:30 PM
By: Advos Staff Reporter

The strategic partnership between Abaxx Technologies Inc. and MineHub Technologies Inc. aims to enhance the efficiency, resilience, and sustainability of the global commodities markets through advanced digital solutions.

Abaxx and MineHub Partner to Transform Commodities Markets

Abaxx Technologies Inc. and MineHub Technologies Inc. have announced a strategic partnership that is set to bring significant advancements to the global commodities markets. Under a share exchange agreement, Abaxx will acquire an approximate 10.9% ownership interest in MineHub, with the potential to increase this stake to 19.9% through share purchase warrants.

This partnership is crucial as it aims to address the pressing challenges faced by the commodities industry, such as climate change, the energy transition, and increasing regulatory pressures. MineHub's digital supply chain platform already enhances the efficiency, resilience, and sustainability of the metals and mining industry. By integrating Abaxx's technologies, the partnership will provide comprehensive digital tools that improve data transparency, optimize resource use, and ensure secure transactions.

Abaxx, known for its innovations in communication, trade, and transactions, shares MineHub's mission of empowering market participants with better tools. The collaboration will leverage Abaxx's ID++ identity protocol to enhance MineHub's secure communication tools, broadening the value available to customers and increasing commercial traction. This integration will also facilitate entry into new commodities markets beyond copper and aluminum.

The partnership will strengthen the physical commodities market's ability to meet evolving sustainability requirements, such as carbon offsetting and traceability. Additionally, the collaboration will bridge the gap between physical and financial commodities data, promoting more efficient and secure hedging while maintaining data privacy.

Andrea Aranguren, President, CEO, and Director of MineHub, emphasized that the partnership with Abaxx will capitalize on market momentum and expedite the adoption of digital tools, ultimately maximizing customer value.

MineHub has also reported record revenue for Fiscal Q1-2025, achieving $776,000, a 127% increase compared to the previous fiscal year. This growth reflects accelerating customer activity with industry leaders such as Codelco, Sumitomo, Surecomp, and Southwire. By the end of Fiscal Q1-2025, MineHub's network had expanded to include over 165 companies.

The partnership between Abaxx and MineHub is a significant development for the commodities industry, promising to enhance operational efficiency, sustainability, and compliance amid a rapidly evolving global landscape.

Source Statement

This news article relied primarily on a press release disributed by News Direct. You can read the source press release here,

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