The Week in Mining: Blockchain and Bitcoin Join the Industry

The World Economic Forum (WEF) and seven major mining and metals firms are partnering to develop responsible sourcing and sustainability practices using blockchain. The companies, in cooperation with the NGO, plan to pool their resources to experiment with, design and deploy joint proofs-of-concept as part of an inclusive blockchain platform. One of the industry-wide blockchain objectives is to help the industry to increase transparency and efficiency and to improve the reporting of carbon emissions.

“Material value chains are undergoing profound change and disruption. The industry needs to respond to the increasing demands of minerals and materials while responding to increasing demands from consumers, shareholders and regulators for a higher degree of sustainability and traceability in their products,” said the Head of the Mining and Metals Industry at WEF, Jörgen Sandström. 

Meanwhile, the Chinese Bitcoin mining company Canaan, the world's second-largest mining company, expects to raise US$100 million with an IPO in the US stock exchange.

In Mexico, community members and experts pointed out that even though the current government has indicated that no more concessions will be granted to mining companies to “loot” indigenous territories, it is necessary to guarantee the will to modify the mining law and openness to review the permits that were given in past administrations.

In a press conference, Fundar’s representative Edmundo del Pozo stressed that it is necessary to modify the legal framework that gives preferential character to mining activities and make changes “beyond a political declaration.”

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• Indigenous communities called to review mining concessions. Fundar’s representative Edmundo del Pozo stressed that it is necessary to modify the legal framework that gives preference to mining activity and move past political statements.

• The Chinese Bitcoin mining company Canaan expects to raise US$100 million on its debut in the US stock exchange.

• WEF unveiled the ‘Mining and Metal Blockchain Initiative.’ The forum and seven major mining and metals firms are partnering to develop responsible sourcing and sustainability practices using blockchain.