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MineHub, IBM working with Goldcorp, others to apply blockchain tech to mining

MineHub Technologies Inc. and IBM said Jan. 16 that they are working with Goldcorp Inc., ING Bank, Kutcho Copper Corp., Ocean Partners USA Inc., and Wheaton Precious Metals Corp. to use blockchain technology to boost efficiency in mining.

The collaboration will look to improve operational efficiencies, logistics and financing, as well as reduce costs in the high-value mineral concentrates supply chain, from mine to end-buyer.

The first use case will be built on the MineHub platform and will manage concentrate from Goldcorp's Penasquito mine in Mexico throughout its path to market. Smart contracts for supply chain processes such as trade finance, streaming and royalty contracts will be used by companies such as Wheaton Precious Metals and other institutions who provide credit facilities such as ING Bank in connection with Penasquito.

Newmont Mining Corp. has recently agreed to buy Goldcorp in a US$10 billion all-stock deal to create Newmont Goldcorp.