MineSense Technologies receives multi-million dollar investment
By James Perkins
Mining technology firm MineSense Technologies, which develops real-time sensory based bulk ore sorting solutions, has announced the closing of a multi-million dollar financing agreement.
The investment round, led by investment firm Prelude Ventures, marks “a significant funding round for a mining technology” according to MineSense, and builds upon field trials of its technology with large mining companies.
MineSense has developed a mineral sensing platform to integrate with a shovel and belt based material handling equipment to record ore grades in real-time.
The solution is aiming to increase the accuracy of determining ore and waste classification by over 50% and provide a 20% margin enhancement by reducing energy, water and chemicals during operations.
“With fewer and lower grade deposits available and declining metal prices, the global mining industry is desperately seeking efficiencies to offset escalating costs and resulting margin squeeze,” said Tim Woodward, managing director of Prelude Ventures.
“The right technical innovations can drive operational efficiency. MineSense specifically targets one of the largest operating expenses for a mine – the cost of energy to crush waste rock – and can significantly optimize a mine’s current ore extraction and metal recovery processes, while greatly reducing its energy footprint with a system payback in the order of months.”
MineSense chief executive and founder, Andrew Bamber added: “This outside validation combined with our ability to harness the ‘Industrial Internet’ and ‘Big Data’ technologies has attracted… strategic investors.
“We look forward to working alongside as we move towards product commercialization in 2016. In the nearer term, we’re looking to expand customer field trials beyond this first essential partnership.”
Read the full article here: http://www.mininginnovationnews.com/2015/06/04/minesense-technologies-receives-multi-million-dollar-investment/