Demand for critical minerals has set off a global scramble. Elements such as tin, cobalt, lithium and tungsten are key inputs for everything from EVs and solar power to iPhones and munitions.
Minexx, based in London, uses blockchain and AI to track mineral sourcing from “earth to tech” in compliance with legal and ethical standards. The company works with small and medium-scale mines that are registered and have more than five-year operating history, the company’s Mansoor Hamayun told ImpactAlpha. “They need a partner for access to markets and access to capital.”
In Rwanda, Minexx has worked with artisanal miners to track minerals to end customers as well as payments to miners, taxes, and corrective actions within the supply chain. In Burkina Faso, it has enabled small miners to export gold, which was previously hampered by a lack of traceability.
Profit-sharing
Minexx received a $20 million in Islamic finance-compliant investment from asset manager Jefferson Capital Ltd. and family offices (for background, see, “What can Islamic finance teach impact investors?”). “The profit-sharing and transparency which underpins this type of finance is crucial for a just transition,” said Hamayun.
The funding will enable Minexx to expand its operations in Africa and Latin America, and share value among miners, investors and buyers, the company said. Tech platforms such as Minexx’s are also helping mining outfits reduce their carbon footprints and optimize their operations.
“The mining industry is on the brink of a transformative era driven by digital technologies,” Alex McQueen with ABI Research wrote in a recent report.
