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Technology
French multinational , Schneider . Each has investments or partnerships with innovators such as I-ROX , Novamera , and PlotLogic , with further potential afield . The value that they get from these technologies includes :
• Reduced CapEx . Companies are then able to shift labor and resourceintensive field exploration to a deskbased activity with AI and machine learning data analysis software
• Reduced OpEx . Targeted exploration is more efficient since it reduces exploratory drilling costs , labor , equipment , as well as reduces waste , which is costly to manage and clear
• New revenue streams . Technologies like surgical drilling can unlock previously uneconomic mineral sources or extend the life of existing mines
Challenging the norm
There are some interesting business models in AI exploration software . As mineral discoveries are rare , innovators don ’ t want to dilute the value of their discoveries by offering their model as a SaaS . As such , software developers are instead not becoming software providers but becoming smart mine owners or exploration companies themselves .
For example , VerAI acquired mining licenses , then utilized its machine learning searching capabilities to discover previously concealed mineral deposits . When they ’ ve made a discovery , they ’ ll then partner with exploration service providers to validate the discovery , as well as investors to fund later stages , in exchange for an equity share of the discovery .
Flexibility is key
So , what ’ s next ? Whilst mining majors are making moves to pilot these technologies , they may not be the best to scale the technologies for impact due to :
• The scale of mining operations , as they are naturally inflexible with any delay resulting in significant costs , therefore piloting opportunities are few and far between
• A history of IP protectionism due to strong competition between majors
• It ’ s unclear if internal structures are established for scaling , or for uses beyond mining
Innovators will need to be selective in co-development with majors ( which can narrow focus and limit scaling potential ) and cautious about mergers seeking to hold IP for strategic advantage . It ’ s clear the mining industry is maturing when it comes to innovation , but with oncoming challenges and rising demand for critical materials including supply-demand fluctuations and trends of resource nationalism , flexibility in an inflexible system is required . ■
For a list of the sources used in this article , please contact the editor .
Holly Stower www . cleantech . com
Holly Stower is Cleantech Group ’ s Group Lead for resources and environment . Cleantech ® Group is a research-driven company that helps corporates , the public sector , and investors identify , assess , and engage with innovative solutions and opportunities that are related to the world ’ s growing environmental and climate challenges .
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