Global mining-tech company IMDEX has acquired the industry leader in automated mineralogy to the mining sector for $8.5 million.
The cash and shares deal for New Zealand company AusSpec unlocks access to its unique, cloud-based aiSIRIS technology, the leader in automated spectral mineralogy from infrared scanners and hand-held units.
It closes a technology gap for IMDEX around rock knowledge, complements its existing tools that add value across the entire mining chain from exploration to production, and has the potential to expand its offering with major mining companies.
AusSpec co-founder and director Dr Sasha Pontual — the world’s leading spectral mineralogy expert — and the AusSpec team will join IMDEX.
aiSIRIS (Artificial Intelligence Spectral InfraRed Interpretation System) is proven technology that has processed more than two million spectra from more than 1000 mining projects across the globe and has enabled AusSpec to build up an extensive spectral library.
aiSIRIS complements IMDEX’s existing in-field GeoAnalysis solution and integrates with IMDEX ioGAS™ software to provide further interpretation and analysis.
IMDEX Chief Executive Officer Paul House said the acquisition reflects the Company’s continued drive to provide more complete rock knowledge to clients through real-time technology.
“The aiSIRIS technology fundamentally changes the approach to mineralogy. There is nothing else like this in the industry,” Mr House said.
“Without it, the alternative workflows are costly and time consuming. This makes mineralogy routine and establishes the industry standard.
“The AusSpec team is a strong strategic fit for us and provides a compelling opportunity to accelerate our rock knowledge offering for clients.
“Every mine in the world makes decisions on the four components of rock knowledge – location, texture, grade, and mineralogy. Our technology stack currently addresses three of these components and aiSIRIS satisfies the fourth – mineralogy.
“Creating answer products, such as mineralogy, from field data in near real-time, is a big part of our vision and this is just another step in our goal to be the global leaders in creating rock knowledge for resource companies.”
The acquisition price comprises $A3 million cash, and $A5.5 million in IMDEX shares over two years.