View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
September 4, 2020

Vale completes first iron ore-sale via blockchain technology

Brazilian iron-ore miner Vale has announced that it had made its first sale of iron ore using blockchain technology.

Brazilian iron-ore miner Vale has announced that it had made its first sale of iron ore using blockchain technology.

Free Report
img

Determine the future strategies for IoT in Mining

IoT can be beneficial across the whole mining value chain, from prospecting to reclamation. The technology allows different assets and people to be monitored and accounted for across vast distances in hazardous conditions.  GlobalData’s IoT in Mining Thematic Research report provides you with an in-depth lens into the impact of IoT on the industry. We highlight both the challenges and opportunities associated with the innovative technology now, and in the future. Our report also covers: 
  • Major players and companies 
  • Market size and growth forecasts 
  • Case studies  
  • Sector scorecard 
GlobalData predicts that the revenue from IoT in mining will grow to reach $1.9 billion by 2025, with a compound annual growth rate (CAGR) of 6.2% between 2020 and 2025. Ensure your company is proactive in adapting strategies and processes to help you remain competitive.   Download the full report to get ahead of the competition
by GlobalData
Enter your details here to receive your free Report.

The latest development is an important step towards the digitalisation of the sales and trade process, according to Vale.

It also offers better service to the customers as well as “predictability” across the steel value chain.

Vale noted that the sale has been conducted with Nanjing Iron and Steel subsidiary Nanjing Iron & Steel Group International Trade for a cargo of 176,000t of Brazilian blend fines (BRBF) from Teluk Rubiah Maritime Terminal (TRMT) in Malaysia to China.

Blockchain technology connects buyers, sellers and service providers in mining and metals supply chains via shared information.

Vale stated: “The Letter of Credit (LC) was issued through Contour blockchain platform whilst the shipping documents and the electronic Bill of Lading were handled via essDOCS’ CargoDocs solution – with all actions carried out through a single, interfaced platform consolidated in Contour.”

The Brazilian miner said that the integrated transaction enabled transparency with real-time visibility of the documentation to all stakeholders.

It also helped in reducing the quantity of emails and paperwork exchanged among the parties.

The sale is backed by support from DBS Bank and Standard Chartered Bank Malaysia Berhad.

According to Vale, the transaction is aligned with the company’s strategy of becoming a customer-centred company through greater integration with clients for new solutions.

In June this year, BHP completed its first iron-ore trade with steel producer China Baowu on Canadian startup MineHub Technologies’ blockchain-based platform.

Related Companies

Free Report
img

Determine the future strategies for IoT in Mining

IoT can be beneficial across the whole mining value chain, from prospecting to reclamation. The technology allows different assets and people to be monitored and accounted for across vast distances in hazardous conditions.  GlobalData’s IoT in Mining Thematic Research report provides you with an in-depth lens into the impact of IoT on the industry. We highlight both the challenges and opportunities associated with the innovative technology now, and in the future. Our report also covers: 
  • Major players and companies 
  • Market size and growth forecasts 
  • Case studies  
  • Sector scorecard 
GlobalData predicts that the revenue from IoT in mining will grow to reach $1.9 billion by 2025, with a compound annual growth rate (CAGR) of 6.2% between 2020 and 2025. Ensure your company is proactive in adapting strategies and processes to help you remain competitive.   Download the full report to get ahead of the competition
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The mining industry's most comprehensive news and information delivered every month. The mining industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Mining Technology