Tech in mining #11
Hope you are having a great week so far! Sharing below interesting content over the last couple of weeks 🙂
BASF's VC arm (BVC) led a strategic round in Intellisense, an optimization software company. The round raised £3.15M at £29M valuation. This announcement comes a few weeks after both the companies had announced a formal partnership. More here
European commission entered into a €8.3 contract with EOS data (a satellite analytics company) to develop technologies to monitor mining sites across Europe. The overall project will combine earth observation techniques with on-site sensing. More here
Canadian government invested $2.1M in Corem, a Quebec based mine processing expertise center. The funding will support the development of an innovative gold extraction process that is more environmentally sustainable and reduces the impact of gold mining on the aquatic ecosystem. More here
Copperstone Technologies, a Canadian startup creating robots to survey tailing ponds, recently completed a robotic survey of a tailings pond at a mine in western Canada. The robot was successfully able to access challenging areas of the pond safely and complete the survey with RTK-GPS guided precision, helping to get an accurate understanding of the mine's tailings and keeping people out of harm's way.
Minnesota Power, a MN utility company, is pitching a project to study the economic feasibility of electrifying some vehicles at an Iron mine (United Taconite). Since battery technology isn't there yet to power larger vehicles for a longer period, they will be installing a trolley system to power the truck on haul roads as it comes out of mines. African mines have already done this for decades, but the setup is seeing an increased interest recently to reduce emissions. More here
Sandvik is hosting its first Innovation in Mining event on Sept 29/30 where they plan to showcase its new solutions and equipment. Sign up here if you are interested
The production cost of hydrogen could fall by 50% by 2030, and this can increase the adoption of hydrogen-powered equipment in mining. Mining Technology profiles some key developments that are happening related to this! More here
S&P Global released its State of the Market Mining Q2 report. As seen in the chart below, the industry's market cap has rebounded back strongly driven by Chinese recovery. Access the full report here.
Companies also reported lower 2020 CAPEX plans - a USD 7.5B drop!
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