WTIA Signs Major Mining Collaboration in D.R Congo to Develop Blockchain-for-Mining Platform
T he World Token Issuing Alliance (WTIA) and SOCIÉTÉ MINIÈRE DE SANDOA SARL collaborates on major mining project in Lualaba, one of the richest mining areas in D.R CONGO.
From the right side of the photo : VisionTech Lim Hui Jie (SG), WTIA Keun Young Kim (KOREA), SOCIÉTÉ MINIÈRE DE SANDOA SARL Banza Nkasa Cécile (D.R Congo), Alain Philippe Papy Mpueta Luetete
Singapore – The World Token Issuing Alliance, WTIA signed a memorandum of understanding with SOCIÉTÉ MINIÈRE DE SANDOA SARL on the 9th of July 2019. SOCIÉTÉ MINIÈRE DE SANDOA SARL, a mining company based in D.R Congo, has 142km2 of land with a gold reserve of 195 MT in addition to large reserves of Cobalt and Copper in the Lualaba province in D.R Congo.
The collaboration would be one of the first of its kind with the mining-based project built on WTIA’s blockchain technology. The use of smart contracts and immutable records allow for greater transparency and efficiency in all stages of the mining and supply chain process. Traditional inefficiencies and problems typical to the mining industry will be largely reduced through the use of blockchain technology.
There is a huge potential upside from this collaboration, with the project targeting to yield more than 20 times its initial outlay. The local community would also greatly benefit from job creation and investment into the country’s infrastructure. Development of public sector projects such as providing clean drinking water, providing infrastructure works such as rail network and roads are in discussion as well.
WTIA’s Chairman, Keun Young Kim, acknowledged the positive impact that the project will bring to the local community. “The project will create jobs and develop infrastructure for the local community, impacting lives for generations to come.”
This move is in line with WTIA’s vision of SMART JOB CREATION and is set to improve the lives of the locals while providing a great investment opportunity. Once implemented, the project can be replicated to other mining projects in D.R Congo or other parts of the world.