Strategic Elements Ltd (ASX: SOR) has revealed that its artificial intelligence and robotics subsidiary Stealth Technologies has signed a binding Heads of Agreement to apply artificial intelligence to fixed plant operations in mining and deliver a Software as a Service (SaaS) solution.
The Heads of Agreement has been signed with Global Integrated Operations (Global io), whose clients have included BHP, Barrick, Teck Resources and Goldcorp, is a company which focuses on assisting some of the world’s leading mining companies to transform the way they manage their production value chains through integrated operations.
Strategic Managing Director Charles Murphy said The Heads of Agreement facilitates the implementation of a working prototype system with a resources industry end user or customer to demonstrate the functionality and feasibility of applying artificial intelligence to fixed plant processing in mining.
“Data analytics, automation and robotics technologies continue to transform the resources sector.
We look forward to working with an end-user/ customer to develop the proof of concept and demonstrate the functionality and feasibility of applying artificial intelligence to fixed plant processing in mining.
Global io is a trusted company and there is a great strategic fit between the skills and experiences of the teams,” Mr Murphy said.
According to Strategic, using sophisticated analytical techniques to reduce production variability and increase productivity has been successfully used in mining, even though analysis is still largely a manually driven exercise.
Mr Murphy said the parties aim to develop an AI solution that would make the identification and implementation of control room variability reduction opportunities much more cost effective and sustainable, enabling a great amount of value to be unlocked in current mining operations globally.
Approximately US$680 billion is generated annually by the top 40 mining companies globally. Even a moderate reduction in variability in the fixed plant component of minerals processing by mining companies could have dramatic upside in value delivered through increased reliability, throughput and ultimately revenues realised by the client.