LONDON December 16th, 2021 – Minexx has exported the first kilo of gold tracked through its platform from Burkina Faso, bringing transparency and trust to the supply chain.
The company deploys its blockchain platform to secure the mineral supply chain bringing benefits for miners, smelters, traders, tech companies and governments. It crucially also brings compliance and transparency which enables local banks, logistics providers, buyers and international financiers to engage with the sector.
Burkina Faso, in West Africa, produces 34 tonnes of artisanal gold per year. However only 300kg was formally exported in 2019 due to a lack of traceability and lower export taxes in neighbouring countries. The Burkina Faso government has now lowered the taxes when exporting through L’Agence Nationale d’Encadrement des Exploitations Minières Artisanales et Semi-artisanales (ANEEMAS), the government body for artisanal and small-scale production.
Minexx has been working closely with local traders, NGO partners and ANEEMAS to drive production via a traceable route to market. During this export the different batches from different sources were tracked on the Minexx platform, along with information obtained through due diligence and associated reports from site visits.
Last year Minexx, in a world first, exported minerals from the Democratic Republic of Congo processing US$250k of digital, blockchain certified payments.
While gold is best known for either investment or for jewellery, it is also a very efficient conductor and can be found in smartphones and televisions. In terms of the distribution of gold demand in 2020, 8% was for technology.
Marcus Scaramanga, CEO and co-founder of Minexx, said: “If we are going to achieve net zero we are going to require even more minerals and this is going to have an impact on countries around the world, and particularly in sub-Saharan Africa.
“Therefore, it is more important than ever that we move with pace, leveraging technology to provide solutions to the challenges the world faces and to play our role in delivering benefits to all in the supply chain – from the artisanal miners through to the consumer. This breakthrough in Burkina Faso is another important step in this journey.”
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Minexx is securing the mineral supply chain from earth to tech – with traceability, transparency and trust. Its blockchain platform – with its global application – transforms and re-designs the value chain bringing benefits to miners, smelters, traders, tech companies and governments while directly impacting 10 of the 17 Sustainable Development Goals. It is headquartered in London, UK, with operations in Burkina Faso, Rwanda and DRC.