Cobalt Blockchain Inc. (COBC) and DLT Labs Inc. have signed a Letter of Intent to establish a joint venture to provide secure, traceable and transparent methods for tracking and certifying the provenance of metals and minerals, through the entire supply chain from source to end-user. Leveraging the expertise of COBC and DLT’s supply chain and logistics product DL Asset Track, the joint venture will develop and deploy a new enterprise-grade platform based on international blockchain standards.
The new platform will be specifically designed for companies trading in base and precious minerals, including cobalt, gold, and diamonds. The initiative addresses the growing need for complete transparency in the movement of minerals and metals, especially where conflict-free certification is important. The new platform will be selectively piloted prior to being offered on a commercial basis, beginning with COBC’s recently announced cobalt assets in the Democratic Republic of the Congo (DRC).
COBC’s business is to provide conflict-free cobalt to address the demand for advanced batteries in smartphones and electric vehicles, tracked via a blockchain-based platform, providing transparency and immutability of the certification record. COBC has 12 years experience, and holds licenses for 3T (tin, tungsten, tantalum) conflict-free metals, in the DRC. It recently announced two definitive agreements for cobalt/copper concessions in proximity of active artisanal and small-scale (“ASM”) copper/cobalt mining in the DRC, totalling over 48 sq. km. COBC has also signed letters of intent and is working towards definitive agreements for several other mineral concessions in addition to exclusive supply agreements with local mining cooperatives.
More than 12% of global cobalt production currently originates from ASM operations in the DRC and the announced joint venture represents a significant step forward in COBC’s goals of delivering certified, ethically sourced cobalt to the market in the near-term. Trading partners from ASM sources to smelters to automotive partners can collaborate and establish a shared view of end-to-end transactions without compromising confidential details or privacy.
DLT is a global leader in blockchain platforms, properly known as Distributed Ledger Technology, which enable an immutable record of the transactions in the supply ecosystem, allowing permissioned parties real-time access to secure and trusted data.