Vancouver-based mining supplier closes financing with venture capitalists
Vancouver-based MineSense Technologies closed a multi-million dollar Series B financing with a group of investors led by Prelude Ventures.
Other investors included Export Development Canada (EDC), Cycle Capital Management and Chrysalix Energy Venture Capital.
MineSense specializes in real-time, sensor-based bulk ore sorting solutions for large-scale, low-grade base and precious metal mines. Sensors fit on shovels and conveyors. The technology promises better ore/waste classification by over 50% and up to a 20% margin enhancement through reduced energy, water, and chemical usage.
MineSense's board chairman is Ian Pearce, former CEO of Xstrata Nickel and X2 Resources co-founder.
"MineSense's bulk sorting solutions ensure the transport of only high value ore to downstream processes, improving extraction and recovery while reducing overall costs to the operation," says Pearce.
"It's about addressing quality issues upstream of these more cost-intensive processes, the impact of which reduces energy and water requirements, an aspect that is becoming ever more important to mining companies and communities at large."