Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Abaxx Technologies Inc, which owns a new Singapore-based commodities exchange, has sealed a strategic partnership with Canadian-listed MineHub Technologies Inc, the companies said on Thursday.
Under a share exchange deal, Abaxx will acquire 10.9% of MineHub, a joint statement said.
On June 28, Abaxx Exchange started trading in liquefied natural gas (LNG) and carbon futures, but delayed the launch of its contract for nickel sulphate.
Abaxx had initially planned to launch the world’s first futures contract for nickel sulphate at the same time as the other two contracts.
MineHub, which has digitised trade finance and logistics in metals and mining, last year bought rival Waybridge.
In June, it posted record revenue and said it has expanded activity among customers, which include Chile’s Codelco, the world’s largest copper producer, and Japan’s Sumitomo Corp.
Abaxx and MineHub will explore data integration and work towards entering other commodities markets besides copper and aluminum where MineHub has so far focused, they said.
Abaxx has previously said it aimed to eventually add contracts for other metals used in EV batteries such as lithium, and precious metals.
(By Eric Onstad; Editing by David Evans)
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