Minexx has recorded the first export of minerals from DRC complete with digital payments certified on the blockchain.
Digital payments have been transformative in many industries and countries in the world. The Better than Cash alliance states that with digital payments there is a 47% reduction in incidents of corruption. Whilst bottom-of-the-pyramid workers benefit from financial inclusion that results in a 21% increase in output.
Fair, transparent digital payments
Minexx have been working with a concession holder and export partner in Eastern DRC, at a mine verified through the ITSCi due diligence program. During the pilot project, minerals were purchased from mining teams at a fair price tied directly to the London Metal Exchange price for tin. Payments were made digitally and directly to mining teams to ensure on time, fair payment. These payments were then uploaded to Minexx’s MineSmart blockchain platform which can be viewed by the end consumer.
Marcus Scaramanga, Minexx Founder and CEO said “Minexx’s mission is to connect miners to the world and ensure they receive a fair share of the mineral value. Our MineSmart platform uses blockchain, IoT and digital payments to directly impact miners’ lives. The success of this pilot is a great first step for Minexx and builds on the mineral traceability and due diligence done by ITSCi.”
Minexx’s MineSmart platform formalises ASM
The MineSmart platform can be used by mineral buyers, end users and NGOs to get visibility and control over on the ground payments and supports OECD-aligned due diligence models.
The Minexx roadmap includes formation of a miner’s digital wallet through which value-added services such as electricity and insurance can be offered to miners. Digital payments bring financial access to miners and cooperatives unlock equipment financing that can increase production safely.
Minexx are now looking to roll the platform out to some additional sites with support from NGOs, end users and mineral offtakers who want the visibility, control and benefits digital payments can bring.
Get in touch at [email protected] to learn more.
