Canadian digital mining solutions firm MineSense Technologies has raised $42 million in an investment round led by JP Morgan Asset Management, which will help it speed up the commercial release of a tool that could help close an expected copper deficit.
The privately-held firm specializes in data-driven solutions that improve ore grade control, operational profitability and carbon intensity across the metals mining industry, with focus on the copper sector.
MineSense currently serves mines in North and South America, with notable deployments in British Columbia (Teck’s Highland Valley Copper, Copper Mountain Mining’s operation and Taseko Mines’ Gibraltar operation), Chile (Carmen de Andacollo) and Peru (Antamina).
The Vancouver-based company says its technology has helped increase output at mines that use its solutions by 5% to 25% and it has bigger ambitions — to fill up to 10% of the global copper supply gap, according to its chief executive Jeff More.
Chile’s state owned mining company Codelco, the world’s biggest copper producer, believes that global shortages of the metal may reach eight million tonnes by 2032, as soaring demand continues to offset new projects numbers.
It’s estimated the industry needs to spend more than $100 billion to build mines able to close what could be an annual supply deficit of 4.7 million tonnes by 2030.
MineSense said the funds raised will allow it to expand its coverage globally and extend into other critical metals such as nickel, cobalt, zinc and iron ore.