Fintech PR
Sustainable Electrification of Major Industries Thrusts Copper into the Spotlight
FinancialBuzz.com News Commentary
NEW YORK, June 28, 2023 /PRNewswire/ — Copper is one of the most versatile and widely-used metals in the world as well as a widely-traded asset in the major commodities market. The metal is often utilized in the construction of structures, solar energy transmission, and high-speed data transmission lines due to its high electrical and thermal conductivity. It is also commonly utilized to build cables and pipelines due to its malleable and soft physical properties in soft state. Geographically, copper producers with the largest volume by country include Chile, Peru and China. Among them, Chile is responsible for more than double the output of the next biggest producer, Peru, with the former producing 5.6 million metric tons in 2021 compared to Peru’s 2.2 million. Vortex Metals Inc. (OTC: VMSSF) (TSX-V: VMS), Hudbay Minerals Inc. (NYSE: HBM) (TSX: HBM), Freeport-McMoRan Inc. (NYSE: FCX), Lundin Mining Corporation (TSX: LUN), Teck Resources Limited (NYSE: TECK) (TSX: TECK)
Electric Vehicles (EVs) are a prime example to illustrate how essential copper is in new growing industries. The batteries for EVs are built using a variety of metals like lithium, nickel, cobalt, manganese, and graphite, all of which are crucial to battery performance, longevity, and energy density. Yet, EVs can contain more than a mile of copper wiring inside the stator to convert electric energy into mechanical energy. Overall, the growing awareness about the amount of carbon emissions released into the environment from automobiles has helped spur the adoption of EVs around the globe. According to data provided by Allied Market Research, the global EV market was valued at USD 162.34 Billion in 2019, and is projected to reach USD 802.81 Billion by 2027, while registering a CAGR of 22.6%.
Vortex Metals Inc. (OTCQB: VMSSF) (TSX-V: VMS) announced yesterday breaking news that, “it has entered into a non-binding Letter of Intent (LOI) for an option to acquire up to an 80% Interest in the Illapel Copper Project, with SCM Ventana Minerals Group, a Santiago, Chile based mining Company. The parties have agreed to a 90-day exclusivity period to negotiate the definitive agreement.
Illapel Copper Project Highlights:
- Favorable Geology Extends north and south from the Mineralization at the Rio 27 Mine
- Exploration Permits Obtained for Drilling and Exploration
- High-Priority Drill-Ready Targets Identified
- Access to Paved Roads, Power Grid and Water
- 8,000 Hectare Prospective Land Package
- Adjacent to the Rio 27 Mine and Processing Plant
- Year round drilling
- Low Elevation- 1500 metres above sea level
“I believe that the Illapel Project combined with our two Mexican copper-gold assets provides Vortex stakeholders with a rare opportunity. Given the geological settings, all three projects possess the potential to be transformative,” said Vortex Chairman and Founder Michael Williams.
Project Overview – The Illapel Copper Gold project is located in the Commune of Illapel, Choapa Province of the Fourth Region of Chile and is 250 km north of Santiago. The nearest town is the mining centre of Illapel located 35 kilometres away. The project has excellent infrastructure connecting paved roads, electricity, and mild climate favourable to year-round exploration. Illapel is fully permitted for exploration, and drilling may potentially commence immediately following the execution of the definitive agreement.
The region surrounding Illapel has seen extensive mining activity, both past and present. Of particular note, the El Espino copper-gold (IOCG) Project (Engineering feasibility complete; awaiting environmental permits. Source: www.pucobre.cl) is located approximately 14km to the north, and is presently planned for development by Pucobre. Several small gold and copper mines also operate in the immediate área.
Rio 27 Mine – The Illapel Project is adjacent to an existing mining operation owned by Ventana Group and known as the Rio 27 mine. The Rio 27 mine has been in production since 2010 with its near-site processing plant. Ventana has advised that to date, approximately 400,000 tonnes of mineralized material with an average grade of 1.39% copper has been processed at site. The LOI provides a right of first refusal (ROFR) on the Rio 27 Mine and processing facility.
Vikas Ranjan, Chief Executive Officer and a Co-Founder of Vortex Metals, stated that Vortex Metals is thrilled to announce the option to acquire a highly prospective exploration project, adjacent to, and extending from, an existing mining operation. Chile is the largest copper producer in the world, accounting for approximately 28% of global copper production. In our view one of the best ways to make a discovery is to explore by an existing mine. We believe that with the Illapel Copper property, we will acquire an extremely prospective project that is drill-ready…
Qualified Person / Quality Control and Quality Assurance – Dr. John E. Larson, Ph.D., is a qualified person (“QP”) as defined by NI 43-101 and has reviewed and approved the technical content of this press release.”
Hudbay Minerals Inc. (NYSE: HBM) (TSX: HBM) announced on June 20th, that it has closed its previously announced court-approved plan of arrangement with Copper Mountain Mining Corporation (“Copper Mountain”), pursuant to which Hudbay has acquired all of the issued and outstanding common shares of Copper Mountain effective as of today’s date (the “Transaction”). Copper Mountain is now a wholly-owned subsidiary of Hudbay and, in accordance with the terms of the Transaction, former Copper Mountain shareholders received 0.381 of a Hudbay share for each Copper Mountain share previously held. Peter Kukielski, Hudbay’s President and Chief Executive Officer, commented, “We look forward to the formal integration of Copper Mountain into our complementary portfolio of operating assets. By applying our technical expertise, we expect to unlock significant annual operating efficiencies and synergies at the mine to drive further value for shareholders. This transaction creates a larger, more resilient operating platform that enhances our copper exposure, accelerates our deleveraging efforts, and positions us to more efficiently allocate capital to prudently advance our enviable organic growth pipeline.”
Freeport-McMoRan Inc. (NYSE: FCX) announced on February 15th, the Copper Mark has been awarded to PT Freeport Indonesia (PT-FI).With this award, FCX has achieved the Copper Mark at all 12 of its eligible copper producing sites globally. FCX also is pleased to announce that its primary molybdenum mines, Climax and Henderson, have been awarded the Molybdenum Mark, making FCX the first primary molybdenum miner to achieve this distinction. Richard C. Adkerson, Chairman and Chief Executive Officer, said, ” I am pleased to report today that all of our copper operating sites have now been validated by the Copper Mark. As the operator of 9% of the world’s copper production, we have a long-standing commitment to safe and responsible production practices and are dedicated to continuous improvement. We recognize the critical role our products play in the global economy and in advancing and accelerating decarbonization. I am proud of our team for their accomplishments and ongoing commitment to responsible production practices.”
Lundin Mining Corporation (TSX: LUN) announced on March 27th, it has entered into a binding purchase agreement with JX Nippon Mining & Metals Corporation and certain of its subsidiaries (collectively, “JX”), to acquire fifty-one percent (51%) of the issued and outstanding equity of SCM Minera Lumina Copper Chile (“Lumina Copper”), a wholly owned subsidiary of JX which operates the Caserones copper-molybdenum mine (“Caserones”) located in Chile (the “Acquisition”). JX will receive upfront cash consideration from Lundin Mining of $800 million, and in addition, $150 million in deferred cash consideration will be payable by Lundin Mining in installments over a six-year period following the closing date. Lundin Mining will also have the right to acquire up to an additional 19% interest in Caserones for $350 million over a five-year period commencing on the first anniversary of the date of closing. Additional details are provided below. Commenting on the transaction, Peter Rockandel, CEO, said, “Upon closing of the Acquisition of Caserones, we add another long-life copper mine of material size and with significant growth potential to our portfolio, in a region in which we have considerable knowledge and experience. The Caserones team has achieved meaningful operational improvements in recent years, and we will work to unlock additional upside through our strong technical resources and existing presence in the region. The initial controlling interest increases our exposure to what we believe is a growing top-tier copper mining district. We retain the option to further increase our ownership over the next few years at an attractive price. The Acquisition further solidifies Lundin Mining’s position as a growing global producer of copper as the world shifts to a lower carbon future.”
Teck Resources Limited (NYSE: TECK) (TSX: TECK) and Agnico Eagle Mines Limited announced today that the previously announced on April 6th, a joint venture transaction between Teck and Agnico Eagle to advance the San Nicolás copper-zinc development project has closed. Teck and Agnico Eagle have entered into a joint venture shareholders agreement whereby Agnico Eagle, through a wholly-owned Mexican subsidiary, has agreed to subscribe for a 50% interest in Minas de San Nicolás, S.A.P.I. de C.V. (“MSN”) for US$580 million, to be contributed as study and development costs are incurred by MSN. For governance purposes, Agnico Eagle is deemed to be a 50% shareholder of MSN from closing, regardless of the number of shares that have been issued to Agnico Eagle or its subsidiary.
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Fintech
Fintech Pulse: Industry Updates on Regulatory Pressures, Fraud Prevention, Humanitarian Finance, and Strategic Sales
As fintech companies continue to shape the global financial landscape, regulatory pressures, fraud prevention, human-centered financial services, and high-stakes acquisitions are front and center. Today’s briefing dives into the most recent developments impacting the fintech ecosystem. The following op-ed reflects on these shifts, bringing an analytical view of the news from regulatory frictions to strategic partnerships, framed within the complex interplay between technology, finance, and global regulations.
Lawmakers Sound the Alarm on Fintech Regulatory Overreach
In the evolving U.S. fintech landscape, a tug-of-war between federal and state regulators is heating up. Lawmakers have raised concerns about regulatory overreach, warning that fragmented federal and state frameworks could hinder fintech innovation and growth. Federal agencies, particularly the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB), have clashed with state regulatory bodies. These frictions have emerged over issues like state licensing requirements, the use of “true lender” rules, and the boundaries of federal preemption.
As fintech firms work to innovate, they often encounter a regulatory quagmire where state and federal rules overlap or contradict each other. For instance, the “true lender” doctrine continues to provoke disputes on jurisdiction, as it can dictate the level of oversight a fintech lender might face. States argue that fintech companies leveraging national banking charters to circumvent state regulations are violating consumers’ rights and disrupting fair financial access.
From an op-ed perspective, it’s clear that this regulatory tug-of-war has significant implications for fintech firms and the consumers they serve. State-level regulators have a point: a more localized approach might better protect consumers from predatory practices and opaque pricing. However, the federal approach offers a harmonized path that could encourage interstate fintech expansion. The tension, however, threatens to stall industry innovation, leaving companies in regulatory limbo and consumers with uneven protections.
Source: PYMNTS News, October 2024
Fraud and AML Losses Increase, Pressuring Fintechs to Adapt
In a recent report by Unit21, the scale of fraud and anti-money laundering (AML) losses within the fintech sector has come into stark relief. The report highlights an estimated annual loss of billions for fintech companies due to fraud and AML breaches. Key issues range from inadequate identity verification processes to evolving cyber threats, which bad actors exploit to perpetrate fraud.
Unit21’s findings suggest that while fintech companies invest heavily in technology, they often fail to keep up with the agility of fraud tactics. The report underscores how fraudsters adapt to changes in fraud-detection protocols faster than expected, using techniques like synthetic identity fraud, account takeovers, and elaborate money laundering schemes. This has intensified the need for robust Know Your Customer (KYC) and AML mechanisms, as traditional defenses prove ineffective against modern fraud techniques.
From an op-ed lens, the impact of fraud losses on fintechs isn’t limited to financial losses. It also erodes trust, one of the most valuable assets for fintech platforms. To maintain consumer confidence, companies must take a more proactive stance in combating fraud. Advanced solutions incorporating AI and machine learning are pivotal for effective fraud detection and prevention, yet they must be implemented carefully to avoid false positives that frustrate legitimate users. The report’s insights remind us that innovation without security measures is an open invitation for exploitation.
Source: The Paypers, November 2024
Internet Computer Protocol Supports “Fintech for Humanity” at Singapore Fintech Festival 2024
At this year’s Singapore Fintech Festival, Internet Computer Protocol (ICP) announced its support for the “Fintech for Humanity” initiative, highlighting the role of digital financial solutions in addressing global humanitarian challenges. As part of this event, ICP has focused on creating scalable, decentralized technologies aimed at providing financial services to underserved communities globally.
This initiative aligns with a growing trend in fintech—harnessing technology to promote social impact. ICP’s endorsement of “Fintech for Humanity” underscores a commitment to financial inclusivity, promoting a decentralized financial ecosystem that extends beyond the traditional banking infrastructure. By leveraging blockchain technology, ICP seeks to empower populations without bank access, addressing social issues from poverty alleviation to emergency financial aid.
In an industry often accused of prioritizing profit over people, “Fintech for Humanity” serves as a refreshing counter-narrative. The backing from a player like ICP brings credibility and visibility to humanitarian fintech efforts, paving the way for innovations aimed at social good. This shift is likely to inspire other fintech companies to explore similar initiatives, recognizing the need for ethical considerations in the financial technology space.
Source: PR Newswire, November 2024
Strategic Acquisition: One Equity Partners Sells Dragonfly Financial Technologies to FIS
In a strategic move, One Equity Partners has completed the sale of Dragonfly Financial Technologies to FIS, marking a significant consolidation within the fintech landscape. Dragonfly, known for its payments solutions, has developed an extensive suite of technology that enhances real-time payments capabilities, an increasingly sought-after service in today’s fast-paced financial environment. This acquisition is expected to bolster FIS’s digital payment infrastructure, as they integrate Dragonfly’s offerings into their extensive portfolio.
The transaction points to a broader trend of consolidation in fintech, where established players acquire specialized firms to expand their service offerings and remain competitive. FIS’s acquisition of Dragonfly is particularly timely, as the demand for streamlined payment solutions grows. Real-time payments are becoming more critical, not only for enhancing the user experience but also for responding to regulatory demands for greater transparency and security.
From an op-ed perspective, FIS’s strategic acquisition of Dragonfly is indicative of a maturing industry. Mergers and acquisitions (M&A) activity in fintech is a double-edged sword. While it consolidates resources and expertise, it also reduces market competition, potentially stifling smaller players. As the industry evolves, M&A will likely intensify, challenging regulators to balance fostering innovation with maintaining competitive fairness.
Source: Business Wire, November 2024
AZA Finance Secures PSP License in Nigeria, Marking Milestone for Fintech Expansion in Africa
AZA Finance has announced that its subsidiary has been granted a Payments Service Provider (PSP) license by the Central Bank of Nigeria. This license authorizes AZA Finance to offer digital payment solutions within Nigeria, an emerging market with a rapidly growing demand for financial services. The PSP license enables AZA Finance to expand its presence in Africa’s fintech ecosystem, supporting digital transformation across the continent.
This development underscores Nigeria’s commitment to digital finance, especially as the country works toward achieving broader financial inclusion. AZA Finance’s PSP license enables the company to leverage its cross-border payments solutions, which are designed to streamline transactions in diverse African markets. This milestone is not only significant for AZA Finance but also for Nigeria, as the license positions the country as a regional fintech hub.
Looking forward, Nigeria’s regulatory environment will play a critical role in shaping fintech’s impact on the economy. The Central Bank’s move to grant PSP licenses is commendable, signaling a welcoming stance for fintechs. However, maintaining robust oversight will be essential to prevent issues related to money laundering and ensure consumer protection as fintech expands.
Source: Business Wire, November 2024
Conclusion
In today’s fast-paced fintech environment, companies are navigating complex regulatory landscapes, tackling evolving fraud threats, expanding social impact initiatives, consolidating through acquisitions, and making strategic moves in emerging markets. This briefing provides an overview of the latest developments, reflecting the diverse and rapidly shifting priorities within the fintech industry. Regulatory clarity, technological vigilance, and ethical considerations are increasingly pivotal as fintech firms redefine the boundaries of finance on a global scale.
The post Fintech Pulse: Industry Updates on Regulatory Pressures, Fraud Prevention, Humanitarian Finance, and Strategic Sales appeared first on HIPTHER Alerts.
Fintech PR
Gnosis Gathers Vitalik and Other Industry Heavyweights for Blockchain’s Biggest Debates at Inaugural DevConflict
- Featuring seven matchups over two days, DevConflict will facilitate discussions on some of the industry’s biggest questions and divides.
LONDON, Nov. 5, 2024 /PRNewswire/ — Gnosis, the architects of the fully EVM-compatible Layer-1 Gnosis Chain, today announces the launch of DevConflict, a credibly neutral forum ahead of Devcon aimed at finding a resolution to the biggest divides and questions in Web3. Taking place from the 9th to the 10th of November in Bangkok, DevConflict will be hosted at the Siam Society Under Royal Patronage, a short walk from the main Devcon venue, the National Convention Centre.
Martin Köppelmann co-founder of Gnosis said: “Devconflict stands as the premier arena for Ethereum’s most crucial discussions. Whether it’s shaping the future of staking, solving blockspace scalability, or strategizing the onboarding of the next billion users, we offer a neutral platform for the community to address these core challenges directly. We’re proud to host Ethereum’s leading minds as they drive these essential conversations, and look forward to fostering dynamic debates that will help chart our collective path forward.”
Featuring seven matchups, DevConflict brings together industry heavyweights in an environment where speakers and attendees engage in in-depth discussions on critical topics. Bucking a trend of pay-to-present conferences, DevConflict is designed to bring speakers outside of their comfort zone and share real substance.
Each 60 minute debate (listed below) covers a core question in the Ethereumverse and will feature candid Q&As. Additionally, by voting on which contender wins the debate, audience members directly contribute to the shaping of the industry’s future:
- Gnosis: L1 vs L2 – Vitalik Buterin (Ethereum Foundation) and Martin Köppelmann (Gnosis)
- Layer 1 vs Layer 2: Evaluating Gnosis Chain’s Potential Network Evolution
- Moderated by Bartek Kiepuszewski (L2BEAT)
- Vanilla Staking vs Liquid Staking – Nixo (EthStaker) and Dmitry Gusakov (Lido)
- Two faces of staking: Vanilla and Liquid Approaches
- Moderated by Brian Crain (Chorus One)
- Protocol Ossification vs Agility – Odysseus (Phylax Systems) and Toghrul Maharramov (Scroll)
- Immutable Foundations vs. Adaptive Evolution: The Future of Blockchain Protocols
- Moderated by Sebastian Bürgel (Gnosis)
- Onboard the Next 1B vs the Next 1M – Remco Bloemen (Worldcoin) and Vadim Koleoshkin (Zerion)
- Onboarding the next 1 billion, or onboarding the next 1 million? Should Blockchain Compromise Ideals for Mass Adoption?
- Moderated by Kartik Talwarn (ETH Global)
- Local Apps vs Cloud Service – Andreas Tsamados (Fileverse) and Michelle Mosh (Protocol Labs)
- Control or Convenience: The Clash Between Local Apps and Cloud Services in the Future of Blockchain
- Moderated by Lefteris Karapetsas (Rotki)
- Larger Blockspace vs Low-Spec Device Compatibility – Nick Dodson (Fuel Labs) and Toni Wahrstätter (Ethereum Foundation)
- Ethereum’s Crossroads: Maximize Capacity or Prioritize Participation?
- Moderated by Pol Lanski (DappNode)
- Should MEV be Tackled at the Application Layer or Protocol Level? – Felix Leupold (CoW Swap) and Tomasz Stanczak (Nethermind)
- MEV Mitigation: Protocol-Level Solutions vs. Application-Layer Approaches
- Moderated by GregTheGreek.eth (Chainsafe)
Beyond voting on the outcome of key debates, Devconflict launches together with a predictions market focused key questions to be discussed at the event. Hosted on Presagio, attendees can take stake on questions including “Will more than 50% of Ethereum transactions be processed on Layer 2 solutions by the end of 2026?” and “Will a major blockchain protocol (Bitcoin, Ethereum, or others in the top 5 by market cap per DefiLlama) announce a permanent freeze on feature upgrades by 2026?”
DevConflict comes on the back of the successful run of Gnosis’ annual flagship event, DappCon in May 2024 which gathered over 900 builders to discuss the latest trends in the Ethereum ecosystem.
General tickets for DevConflict are available and can be purchased here.
About Gnosis
Gnosis is building open applications and infrastructure for the new economy. The Gnosis ecosystem is underpinned by Gnosis Chain, a secure, resilient, and decentralized blockchain that extends Ethereum with lower transaction costs. Gnosis Studios is a product incubator focused on payments, identity, and internet freedom, while GnosisVC is an early-stage investor in projects focused on decentralized infrastructure, real-world assets, and financial rails.
Website | X (Twitter) | Discord | Blog
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Fintech PR
Former Cointelegraph Editor-In-Chief Kristina Cornèr Joins Exponential Science to Expand Partnerships and Drive Global Strategy
- The foundation will harness the expertise of former Cointelegraph Editor-in-Chief, Kristina Corner as the new Global Head of Strategy and Partnerships.
- The appointment will shape Exponential Science’s strategic vision, enabling the convergence of emerging technologies and driving interdisciplinary research and partnerships.
LONDON, Nov. 5, 2024 /PRNewswire/ — Following October’s successful 10th annual Peer-to-Peer Financial Systems Workshop in Dubai, where the launch of independent foundation Exponential Science was announced, founders Dr. Paolo Tasca and Professor Nikhil Vadgama have bolstered their team with the hiring of former Cointelegraph editor-in-chief, Kristina Cornèr. Kristina will lead the Partnerships and Strategy arm of the foundation, bringing deep expertise in securing new resources and forging impactful partnerships.
Exponential Science was established to address the growing interdependencies among emerging digital technologies and deep tech. It focuses on harnessing the synergy between blockchain and other cutting-edge technologies, including artificial intelligence, quantum computing, AR/VR, and other deep-tech innovations. Scientists have long driven many of humanity’s greatest achievements and translating this academic expertise into actionable insights for businesses and regulators is crucial. To assist with this, Exponential Science has brought on Kristina whose mission is to communicate the foundation’s work effectively across industries and sectors, ensuring its impact reaches both practical and policy applications.
Kristina joins Exponential Science after seven years at leading blockchain publication Cointelegraph. With her extensive knowledge of the digital assets landscape and blockchain, Kristina is expertly placed to help the foundation broaden its connections and expand its research to new audiences in a digestible and engaging way. Kristina is also an accomplished sustainability leader, serving as an ambassador for the Climate Chain Coalition, an international, multi-stakeholder organisation focused on advancing blockchain and digital technologies to support climate action and sustainability. She is also a founding advisory member of 100Women@Davos, which has helped to build a community of female CEOs, leaders, and change-makers dedicated to advancing the United Nations Sustainable Development Goals.
“Exponential Science is uniquely positioned to unite businesses, regulators, and academics to tackle global challenges using the potential of blockchain, AI, and deep tech. I am thrilled to be able to explore powerful narratives within the scientific community and amplify their voices to key players shaping the future of technology. I am committed to advancing impactful ideas and fostering collaboration across industries, communities, and borders,” says Kristina Cornèr.
“Exponential Science’s mission is clear – we want to advance research, innovation, and education of emerging technologies such as blockchain, AI, quantum computing and much more. We want to facilitate the safe and empowering adoption of these technologies so that society can thrive and solve real-world problems. Kristina will play a critical role in growing our partnerships and fine-tuning our strategy so that we can make a real difference in the emerging technology space. We are in an exciting growth stage at the foundation and we look forward to bolstering our team of experts further in the coming months,” says Dr. Tasca.
This month, Exponential Science released its first study, which aimed to quantify the environmental effectiveness of Bitcoin mining bans by estimating the resultant carbon emissions from displaced mining operations. Part of the study examined the effect of Bitcoin mining bans in low-emission countries and found it could result in a significant net increase in global carbon emissions due to redirecting mining activities to regions with higher carbon intensities. For example, a ban in Canada could lead to an increase of almost 6%, or 2.5 million tonnes of CO2 annually.
About the Exponential Science Foundation (ESF)
The Exponential Science Foundation (ESF) is a Hedera-funded independent foundation driven to advance research, education, and innovation across emerging digital technologies/deep tech. With a mission to explore the convergence of blockchain, Artificial Intelligence (AI), the Internet of Things (IoT), and other transformative technologies, ESF aims to drive interdisciplinary collaboration and deliver impactful solutions to challenges faced by society. ESF is committed to fostering sustainable, transparent, and innovative developments that will shape a more advanced and interconnected future. For more information go to: www.exp.science.
View original content:https://www.prnewswire.co.uk/news-releases/former-cointelegraph-editor-in-chief-kristina-corner-joins-exponential-science-to-expand-partnerships-and-drive-global-strategy-302296764.html
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