In this way, it becomes the first company worldwide to apply this technology on a large scale to track the origin of its production, including the identification of the field, the composition of its product, the production and sustainability standards applied, certifications and other data of interest to its customers and the global market.
The blockchain is a revolutionary technology that works by means of a networked chain of blocks that contain encrypted, unalterable information about a set of transactions. German company Minespider has developed blockchain traceability software for mineral supply chains.
Minsur supplies more than 50 companies in different industries and geographies. The company operates the San Rafael mine in Peru, which produces approximately 6% of the world's tin supply.
In 2019, Minsur and Minespider were part of the consortium that carried out a pilot project at this mine with partners such as Google, Cisco, SGS and Volkswagen. In 2023, Minespider and Minsur expanded the collaboration by implementing traceability for all tin operations. The company will track more than 29,000 MT of tin per year with Minespider's blockchain traceability software.
"We have developed sustainability principles for all our operations based on our corporate purpose and values, reinforcing our commitment to social and environmental responsibility. Our dedication to these principles not only ensures the long-term success of our company and our partners, but also contributes to the well-being of society and the betterment of our world. Traceability through blockchain technology makes this commitment tangible, sincere and transparent, as well as strengthening our SusTINable brand."said Gonzalo Quijandría, Director of Corporate Affairs and Sustainability at Minsur.
"With traceability of minerals through blockchain, an infinite world of opportunities opens up. This technology has the potential to change the game of mineral trade in the world. For example, it will be a fundamental tool to combat illegal mineral trafficking. It is very significant that it is a Peruvian company that is leading this change."he added.
"While countless companies talk about sustainability, only a few mining firms actually embrace traceability in their operations and go beyond the requirements of regulations such as Conflict Minerals. Among the top producers, Minsur stands out for its commitment to extensive sustainability projects and integration of blockchain traceability into all aspects of its operations. This example will be followed by other industry players to take tangible steps towards sustainability."said Nathan Williams, founder and CEO of Minespider.
