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Jeffreys Find Gold Mine. Second Toll Milling Campaign Completed. 6,295 Ounces Produced; Gold Sales Total $23.5M.
Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to announce reconciliation of the second gold milling campaign for 2024 from the Jeffreys Find Gold Mine (the Project), near Norseman, WA. This campaign ran for 42 days, beginning on 24 July 2024 and finishing on 4 September 2024.
HIGHLIGHTS
- The second toll milling campaign for 2024 has been completed.
- 6,295 ounces of gold produced from 128,000 tonnes milled.
- Gold sales for this campaign total $23.5 Million.
- Highest sale price at AUD$3,859 per ounce.
- Average sale price at AUD$3,731 per ounce.
- Auric has received initial surplus cash distribution of $2.0 Million.
MANAGEMENT COMMENT
Managing Director, Mark English, said: “We are in the sweetest possible place with the mining of Jeffreys Find.
“Total production for the year has passed 7,500 ounces. Another toll milling campaign is scheduled for the end of November. It will be a mighty run home for Auric as the project draws to conclusion.
“Whilst the campaign processed lower tonnes than expected, the gross revenue was higher due to the extraordinary gold price.
“The reconciled yield of 1.65 g/t was marginally below expectation but the recovery of 93.2% was excellent.
“BML has a contract with Greenfields for 300,000 tonnes to be processed so it won’t be long before milling starts again. We are anticipating a further 142,000 tonnes to be processed in 2024 and early into 2025 at Greenfields.
“Jeffreys Find will produce substantial cash for Auric. It has been an outstanding investment,” said Mr English.
Photo: The Jeffreys Find Pit; 30 September 2024.
Through Auric’s joint venture partner BML Ventures Pty Ltd of Kalgoorlie (BML) a total of 127,610 dry metric tonnes was processed by The Greenfields Mill at Coolgardie (Greenfields or Mill) with a reconciled recovery of 93.2%.
A total of 6,295 ounces of gold was recovered at a reconciled head grade of 1.65 g/t.
Gold sales amounted to $23.48 Million for the campaign with an average gold price of AUD$3,731 per ounce. The highest gold price achieved during the campaign was AUD$3,859 per ounce.
Stage Two of mining in 2024 has now produced 7,551 ounces of gold with total gold sales to date of $27.95 Million.
Click here for the full ASX Release
This article includes content from Auric Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Auric Mining
Investor Insight
Given its quick transition from ASX listing to gold production in just three years, and a significant exploration upside at its world-class assets in Western Australia's prolific goldfields, Auric Mining is well-worth a good deal of consideration for sophisticated investors.
Overview
Auric Mining Limited (ASX:AWJ) is a gold exploration and mining company based in Western Australia. In three-and-a-half years since its ASX listing, Auric has become a gold producer in this premier jurisdiction.
Since incorporation, it has moved from zero to 250,000 ounces of gold resources and zero to 282 square kilometers of tenements. Auric Mining is in the company of some of the biggest gold projects in the Goldfields, including the St Ives Gold Mine, Karora Resources’ Higginsville Operations & Beta Hunt Mine, all multi-million-ounce mines.
Besides gold, there are numerous precious metals being mined in the area with world-class deposits of nickel, lithium and rare earths. Auric is gold-focused and has the potential to become a significant producer in the region.
The Jeffreys Find Pit as of 16 July 2024
Partnering with Auric in its Jeffreys Find Project is BML Ventures of Kalgoorlie (BML), a well-known and adept Kalgoorlie contractor. BML is a specialist mining contractor. It has particular expertise in shallow, open-pit mining with short duration projects in The Goldfields.
The Jeffreys Find Project commenced in May 2023 and is due for completion in the first quarter of 2025. The joint venture is partially exploiting 47,000 ounces of gold resources.
Gold ore on the ROM Pad at Jeffreys Find, Norseman. Ore was hauled to Coolgardie for milling in 2023.
Stage One is now complete and Auric has commenced its second gold milling campaign for 2024 of 150,000 dry metric tonnes from the Jeffreys Find gold mine on 24 July 2024.
Success for Auric at Jeffreys Find means the company is self-funding for 2024 and able to sustain its exploration and development activity without need for additional capital raising. Auric now has a road map for five years of continuous mining and profits.
Grade control drilling at Munda was completed in January 2024
Auric’s primary focus continues to be on the company’s flagship asset - The Munda Gold Project.
To date almost 200,000 ounces of gold resources have been identified at Munda, the asset being part of the wider Widgiemooltha Gold Project, encompassing 22 tenements.
Munda is one of the largest deposits in the Widgiemooltha area having the potential to become a significant gold project.
In mid-year 2023 the company released to the ASX a third-party scoping study on the economics and potential of open-pit mining at Munda.
The scoping study estimates the mining of up to 120,000 ounces of gold over a three-year mine life. It is envisaged gold ore would be toll-processed at a nearby Coolgardie Mill. The study projects free cash profits of between $50 million and $100 million, based on various gold prices.
Production from Munda could commence in the fourth quarter of 2024.
Auric also announced the execution of a binding term sheet for the partial purchase of Win Metals' nickel and lithium rights within the Munda gold project area including seven tenements or applications. Auric further plans to mine a trial pit at Munda Gold potentially in Q1 2025.
Auric is also planning to progress its Spargoville Project, where it has tenements ideally positioned along strike from the Wattle Dam gold mine, a prolific mine which produced 268,000 ounces of gold at 10 g/t, between 2006 and 2013.
An experienced and savvy management team leads Auric Mining towards its vision of becoming a significant gold producer in Western Australia. With the three directors owning approximately 17 percent of the company, they are focused and motivated for success.
Auric Mining’s board of directors: Mark English, Managing Director; Steve Morris, Chair; and John Utley, Technical Director
Steve Morris, non-executive chairman, has more than 25 years of experience in financial and natural resources markets.
Mark English, managing director, has a 40-year career as a chartered accountant and is at ease with all facets of running a public company on the ASX including major equity and debt raisings.
John Utley, technical director, has 35 years of experience in gold exploration and development.
This range of expertise offers a high level of confidence that the company will achieve its goals.
Company Highlights
- Auric Mining is a publicly listed company with a market cap of around $13m.
- Its flagship asset is the 200,000-ounce Munda Gold Project at Widgiemooltha, just 100 kms from Kalgoorlie. It has an aim to begin production in 2024 before more intensive mining from 2025 onwards.
- During 2023 the focus was on mining at its Jeffreys Find Gold Mine, near Norseman. Stage One mining between May and November 2023 produced 9,741 ounces of gold, creating almost $30 million in gross revenue.
- A final reconciliation saw surplus cash of $9.5 million generated. Auric banked $4.78 million, being 50% of the surplus cash as agreed with its JV partner, BML Ventures of Kalgoorlie.
- Auric has commenced the second gold milling campaign for 2024 of 150,000 dry metric tonnes from the Jeffreys Find gold mine.
- The company executed a binding term for the partial purchase of Win Metals' nickel and lithium rights within the Munda Gold Project area further improving the pathway to mining a trial pit at Munda gold project, potentially in Q1 2025.
- As an explorer, Auric has accumulated 282 square kilometers of tenure as it looks to find and mine a million ounces of gold between Kalgoorlie and Norseman.
- The area hosts some of the richest mineral deposits and mines in the world. In addition to gold, Auric also has opportunities for discovery of lithium, rare earths and nickel.
- Auric has three main projects: The Munda Gold Project which is part of the Widgiemooltha Gold Project; Jeffreys Find Gold Mine; The Spargoville Project.
- The company has a board and leadership team with a track record of delivering success for shareholders, particularly in discovering and bringing to production gold projects.
Auric’s tenements are between Norseman and Kambalda in Western Australia.
Key Projects
Widgiemooltha Gold Project & Munda Gold Project
Progression to open-pit mining is gathering momentum with a plan to commence gold production via a starter pit in the last quarter of 2024 at the Munda Gold Project.
The Widgiemooltha Gold Project combines 22 tenements of highly prospective gold country near Widgiemooltha and includes the Munda Gold Project. Since acquiring the Munda tenements, drilling results confirm indicated and inferred gold resources of almost 200,000 ounces (4.48 mt @ 1.38 g/t with 0.5 g cut off).
The Widgiemooltha tenements have substantial coverage at the north end of the Widgiemooltha Dome.
Even with the extensive mining history in the area, considerable exploration prospectivity remains. Several significant gold projects discovered or developed in the past ten years, including:
Auric Mining is now fast-tracking development at Munda. With a number of gold processing mills in the vicinity, the move to production is now gathering momentum.
In mid-2023 a Scoping Study on Munda produced a positive result. The study proposed a shallow open gold mine. At gold prices from $2,400/oz to $2,800/oz, the Production Target for the Project ranges from approximately:
- 1.67Mt at 2.2g/t producing 112.0koz gold, to
- 2.18Mt at 1.9g/t producing 129.1koz gold.
The Production Target generates an undiscounted accumulated cash surplus after payment of all working capital costs, but excluding pre-mining capital requirements, of between approximately $54.7m to $101.4m.
Mining is contemplated over an approximately 3-year period (13 calendar quarters).
Pre-mining capital and start-up costs are estimated to be approximately $0.8m to $1.7m.
Working capital requirements of approximately $3.9m to $8.1m were estimated based on a Stage 1 starter pit design.
Grade Control Program results at Munda.
To further advance the project, Auric completed a grade control drilling program at Munda in January 2024. In total 351 holes were sunk on a 10m x 10m grid over a potential starter pit.
Assay results include numerous significant intercepts at a 0.5g/t cut-off with high grade or broad intercepts such as:
Further grade control drilling is envisaged as the company hones in on this high grade deposit.
A starter pit lasting about three months is envisaged in the last quarter of 2024. More intensive mining would follow in the period 2025-2027.
In all, Munda is projected to be a short-life project, able to produce exceptional cash profits with a gold price continuing at above $3000 an ounce.
Jeffreys Find Gold Mine
Fresh from mining almost 10,000 ounces of gold in 2023, Jeffreys Find’s Stage Two is certain to be significantly greater in scope.
The Jeffreys Find Gold Mine is located approximately 45 kilometers northeast of the town of Norseman and 12 kilometers off the main Eyre Highway via a haul road.
Jeffreys Find is a short-life mine with a total gold-resources estimate of nearly 50,000 ounces.
Magnetic image of the gold resource at Jeffreys Find
The company has performed remarkably well with this mine, having acquired the tenements just 3.5 years ago.
Stage One mining took place over six months, from May to November 2023 with about 175,000 tonnes of gold ore hauled to the Greenfelds Mill at Coolgardie where it was processed. Final refining and sale of gold bullion produced took place at the Perth Mint.
Stage One – Production & Revenue Statistics
The project is a joint venture undertaking between Auric and well-known Kalgoorlie contractor BML Ventures Pty Ltd (BML).
Auric’s risk is mitigated by BML who assume all operating costs including mining and haulage. Gold processing costs are recovered from the sale of gold bullion. After all costs have been deducted surplus cash is split equally between the partners.
For final mining in 2024 Auric has contributed $1 million in cash towards working capital which will be repaid towards the end of the final phase of mining.
The final pit shell at Jeffreys Find Gold Mine will be premised on a gold price of $2,900 an ounce, compared to the Stage One pit which was designed on the basis of gold at $2,600 an ounce. As a result the tonnage of ore being hauled to the mill will be substantially higher in 2024.
Equipment is being mobilised to the mine site in February and mining will recommence in March 2024. A continuing higher gold price has placed the joint venture in a solid position to throw off surplus cash well in excess of what was achieved in 2023.
Auric’s MD Mark English, Chairman Steve Morris and Technical Director John Utley at the Perth Mint with Auric gold bars from its Jeffreys Find Gold Mine.
Spargoville Project
Highly prospective tenements as company looks for gold on strike to Wattle Dam
Located approximately 35 kilometers southwest of the mining town Kambalda, the Spargoville Project is an underexplored asset with partially tested or entirely untested gold, nickel and lithium anomalies.
The asset sits north of the Wattle Dam gold mine. The Wattle Dam gold mine produced 268,000 oz of gold at an average grade of 10 g/t between 2006 and 2013.
While only partially drilled, initial exploration results from the Fugitive Prospect include an intercept at 14 meters with a grade of 2.51 g/t gold, indicating the asset’s promising potential.
Auric’s tenements at The Spargoville Project.
Management Team
Auric Mining’s Management and Board of Directors have a wealth of experience in gold discovery, in mine operations and across the full spectrum of finance and administration. That experience stretches to all parts of the globe.
Board of Directors
Steven Morris – Non-executive Chairman
Steve Morris is a well-known financial markets executive with more than two decades experience at a senior level. He garnered industry respect as head of private clients for Patersons Securities, now Canaccord Genuity, and has also been managing director of Intersuisse. Mr. Morris has served as a senior executive of the Little Group. From 2014 to 2019, Morris was a non-executive director of De Grey Mining (ASX:DEG), a gold company now with a $2.4 billion market capitalization. Mr. Morris is well connected in finance circles and was a board member of The Melbourne Football Club for nine years including three years as the vice chairman.
Mark English – Managing Director
Mark English is a Chartered Accountant with more than 40 years’ experience in business. English was the founding director of Bullion Minerals Ltd, now DevEX Resources (ASX:DEV) a company he managed for seven years before taking it to an IPO. Mr. English has considerable experience with major equity and debt raisings. He currently sits on the Board of WA integrated agricultural company Moora Citrus Group, one of the nation’s largest citrus producers and processors.
John Utley – Technical Director
John Utley has a 35-year career in mining and exploration with a dominant focus on gold assets. He holds a master’s degree in Earth sciences from the University of Waikato in New Zealand. Mr Utley has worked in Australia, South America, Papua New Guinea and most recently in Canada where he was the Chief Geologist for Atlantic Gold Corporation, a company now owned by St Barbara (ASX:SBM). He spearheaded exploration and development of the Touquoy Gold Mine in Nova Scotia, Canada, prior to being acquired by St Barbara. Mr Utley previously worked with Plutonic Resources (ASX:PLU) and was head of the exploration team at the Darlot Gold Mine during the discovery and development of the 2.3-million-ounce Centenary gold deposit.
In Search of Alternative Financing for Critical Minerals Projects
Financing critical minerals is challenging as criticality does not make a market, but instead highlights a market failure
Several critical minerals, in particular lithium and nickel, have been suffering from depressed prices for more than 12 months despite projections of ever-increasing demand, driven by Western governments’ energy transition goals.
Attracting finance into critical minerals projects is one of the key challenges standing in the way of diversifying existing supply chains, which are typically dominated by China, particularly in the midstream (processing and refining) and downstream (component and end-product manufacture) sectors. Like-minded nations are attempting to incentivise supply chain diversification to protect their domestic manufacturing sectors from unfair practices, via both policies aimed at onshoring and tariffs to minimise the impact of dumping heavily subsidised goods on the global market.
Financing critical minerals is challenging as criticality does not make a market, but instead highlights a market failure.
Investing in critical minerals carries additional risk to existing mining risk, often including technological risk as novel extractive and processing techniques are required for non-commoditised critical minerals where there is limited expertise and know-how.
Geopolitical risks, such as price manipulation and export restrictions, lead to market volatility which further deters investors. Jurisdictional risk adds another layer of complexity: critical minerals are typically, but not always, abundant in volatile and conflict-prone regions where corruption is an issue.
While there is also an abundance of some critical minerals in jurisdictions generally considered low risk by miners and investors alike, they all face different issues. For example, permitting a mine in the US is challenging due to community opposition and litigation: according to S&P, it takes an average of nearly 29 years to build a new mine in the US, the second-longest in the world behind only Zambia.
Australia faces high infrastructure and labour costs, factors which drive up capex and opex far above competitor nations across Africa and Latin America. Despite significant exploration, Canada has failed to see more than five new critical minerals mines being brought online in the past 20 years, while Europe faces stalwart green opposition to often politicised projects.
In response to the ongoing global challenges, the US-led Minerals Security Partnership has recently announced the formation of the Finance Network. The network aims to strengthen cooperation and promote information exchange and co-financing among participating institutions to advance diverse, secure, and sustainable supply chains for critical minerals. Participating institutions represent like-minded nations including Australia, Canada, Estonia, Finland, France, Germany, Italy, Japan, Norway, South Korea, Sweden, the United Kingdom, United States. Both the European Bank for Reconstruction and Development and the Africa Finance Corporation are also part of the network.
It is unclear whether the Finance Network will pool funds and mutually select critical minerals projects.
The network does however need the international finance sector’s buy-in.
Specialist mining finance has eroded. UK Mining Specialist Funds demonstrated a decline from about $40 billion in 2010 to about $12 billion in 2022, and Canadian Mining Specialist Funds experienced a drop from circa-$16 billion to c$2.8 billion. This gap has not been plugged by green finance or commercial banks which still view critical minerals as too high-risk, or simply too small to meet investment thresholds, and often both.
Non-commoditised critical minerals also face low rates of return on investments in comparison to tech and other sectors offering much faster and more appealing returns. Price volatility can quickly render projects in Western jurisdictions unfeasible. When that happens some projects fail while others are often bought out by Chinese companies which bring them online once prices rise, and sometimes after efficiencies and new processes are introduced.
This is less likely to continue occurring under various investment and acquisition restrictions in Australia, Canada and the US.
Attracting finance into critical minerals will require the stabilisation of often immature and small markets by creating predictable downstream demand to restore investors’ confidence and boost returns on investment.
If like-minded nations are serious about creating a genuinely diversified supply chain, tax breaks will be required to incentivise institutional and private investors in the meantime to bridge the gap between the lack of commercial viability and the strategic necessity to diversify. Public investments in critical minerals projects will however need to be more targeted and occur in tandem with re-industrialisation. Investing taxpayer dollars in projects that will not feed into downstream industries within like-minded nations are likely to either help to feed China’s manufacturing sector, or create oversupply if sufficient demand doesn’t exist, further lowering prices below commercial viability.
The CMAA Australia is actively bringing its members, governments and the wider finance community to address the challenges of financing critical minerals projects.
Join us at IMARC for an insightful Alternative Pricing Mechanisms session with global critical minerals experts.
Digging for Votes: BC NDP and Conservatives Tout Mining Platforms
BC's mineral exploration and mining sector contributes C$7.3 billion to the province's GDP, and according to the Mining Association of BC (MABC) critical minerals extraction could grow that amount significantly.
To unlock this value, the NDP and Conservative parties agree that mine permitting and development need to be streamlined and fast tracked to benefit BC, as well as national energy transition ambitions.
“Northwest BC has the critical minerals that are in high demand worldwide, giving us a huge advantage in the global movement to a clean economy,” said NDP Premier David Eby. “Our plan will get mining projects moving that grow BC’s economy, create good jobs across the Northwest, and benefit communities directly.”
To achieve this, the NDP wants to boost the province's critical minerals sector while maintaining high environmental, safety and Indigenous partnership standards, Eby said during a September 24 campaign stop.
His party's plan includes setting clear timelines for permit reviews on priority projects with support from the newly established Critical Minerals Office, which will also coordinate with the federal government to reduce bureaucratic hurdles and enhance First Nations engagement. The NDP also proposes to introduce union-led training programs, expand the clean energy electricity grid and fund infrastructure upgrades in the northwest.
Additionally, Eby has promised that resource development will bring lasting benefits to local communities through the Resource Benefits Alliance and expanded revenue-sharing and equity opportunities for First Nations.
“For too long, communities across BC’s Northwest saw the impacts of resource projects — like more wear and tear on roads and highways, increased demand on local services–but they weren’t seeing enough of the benefits,” Eby noted.
“We took action to change that. We’re investing money directly back into infrastructure communities like Terrace and Vanderhoof while building up the economy.”
BC's current critical minerals strategy
Most of the themes outlined in the NDP's non-costed platform are in line with the first phase of the province’s Critical Mineral Strategy, which was released by Eby’s government in January.
Independent of the national initiative, which identifies 31 critical minerals vital to the country’s energy transition ambitions and economic future, the provincial strategy aims to position BC to benefit from its geological makeup.
Of Canada’s 31 critical minerals, BC holds reserves of 16. Notably, the province produces 50 percent of the nation’s annual copper output and accounts for 100 percent of its molybdenum mining.
Copper and molybdenum are both considered critical minerals, as are magnesium and zinc, which BC also produces. At the moment exploration is ongoing in the province for seven more critical minerals, including nickel, cobalt, graphite and vanadium, which are essential for technology applications and the energy transition.
Phase 1 of the BC strategy includes creating a Critical Minerals Project Advancement Office, developing a minerals atlas for exploration and collaborating with First Nations on infrastructure projects like the North Coast Transmission Line.
The strategy also focuses on maintaining high environmental standards through initiatives like the Energy and Mines Digital Trust project, along with enhancing transparency.
Conservatives take issue with NDP's mining approach
BC Conservative Party leader John Rustad took aim at the NDP’s resource industry track record in a September 24 press release that also outlines his party's plans for the mining sector.
“The mining and mineral exploration industry, a cornerstone of British Columbia’s economy, has been stifled by increased regulatory burdens, inefficiencies in permitting, and a lack of rural infrastructure investment under the leadership of David Eby’s government,” the statement reads, highlighting the NDP's "excessive red tape."
It goes on to point to permitting delays, regulatory overreach, lack of infrastructure investment and uncertainty in Indigenous consultation as challenges hampering the sector under the current provincial government.
To address some of the outlined issues, the Conservatives are proposing to streamline the permitting process and reduce regulatory burdens. The party also wants to hold companies accountable for site cleaning and remediation, and make investments in critical infrastructure. Its other goals are to pursue economic reconciliation with Indigenous communities, provide competitive tax incentives and position BC mining at a global level.
“British Columbia should be a global mining superpower,” said Rustad. “But under the NDP, we’ve missed critical opportunities. The Conservative Party will reinvigorate the industry, create jobs, and ensure that rural BC and its communities thrive once again.”
Mining industry reacts to NDP and Conservative platforms
Responding to the release of both platforms from BC's leading political parties, Michael Goehring, president and CEO of MABC, underscored the need for the government to support the mining sector.
“The provincial election presents a pivotal moment for British Columbia’s political parties to champion the essential role of BC’s mining sector in the future of our province,” he said. “Commitments to streamline the permitting process for critical minerals projects are not just welcome — they are crucial.”
Goehring went on to acknowledge that the overviews presented address issues his organization has championed over the years. “Both main parties clearly understand BC’s critical minerals potential. As representatives of the mining sector, MABC will be there to ensure they follow through on their commitments,” he said.
“Together, we can create a streamlined and efficient permitting process that fast-tracks project approval, advances economic reconciliation and partnerships with First Nations, while maintaining BC’s world-leading environmental protections. It’s a win for the entire province, and the time to act is now," Goehring added.
The Association for Mineral Exploration also issued a statement following the release of the NDP and Conservative platforms. In it, President and CEO Keerit Jutla emphasized the importance of greenfield mineral exploration.
He warned that without a focus on exploration, the foundation of BC's critical minerals future could be undermined. While encouraged by the NDP and Conservative parties' pledge to streamline permitting process, Jutla took issue with a perceived lack of exploration support in the NDP's plan.
“The BC NDP’s mining platform, while commendable, falls short by not explicitly supporting the indispensable role of mineral exploration,” he said. “We urge all political parties to integrate a comprehensive approach to mining that includes robust exploration initiatives to support a thriving mining sector in BC.”
According to a 2024 MABC study on the economic impact of critical minerals in BC, more than 1,100 publicly listed exploration companies are based in Metro Vancouver. There are currently 17 proposed critical minerals mines in development stages, representing significant near-term investment, employment and tax revenue.
Voting in BC’s 2024 provincial election will conclude on October 19.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
AI: The New Safety Inspectors for Mining Equipment
The mining industry, known for its complexity and operational challenges, requires stringent safety measures to ensure both the safety of its workforce and the efficient operation of heavy machinery.
From trucks and drills to conveyors and crushers, mining equipment is subject to constant wear and tear. Traditionally, manual inspections have been the standard, but these are time-consuming, prone to human error, and offer limited real-time insight. Enter Artificial Intelligence (AI)—a game-changer for enhancing safety inspections across mining operations.
Enhancing Paperless Mining Equipment Inspections with AI
AI is transforming the way safety inspections are conducted in mining, allowing operators to not only streamline processes but also improve accuracy and safety.
Here’s how AI is reshaping mining safety:
1. Image Analysis and Defect Detection
AI-powered image recognition can analyse high-resolution images of mining equipment such as haul trucks, excavators, and drills to detect cracks, corrosion, leaks, and other mechanical defects that may be overlooked by human inspectors. This technology enhances the accuracy and consistency of inspections, particularly in rugged and hazardous environments where frequent manual checks are difficult.
2. Predictive Maintenance
By analysing historical data from previous equipment inspections, AI can predict when machinery components are likely to fail. This predictive maintenance model reduces unexpected downtime and ensures that critical mining equipment operates smoothly. It also allows companies to schedule repairs before a major failure occurs, thereby enhancing the overall safety and productivity of the mine.
3. Real-Time Monitoring
AI can integrate with IoT (Internet of Things) sensors on mining equipment to provide real-time data on various performance metrics, such as engine temperature, hydraulic pressure, and machine load. By analysing this data, AI can detect anomalies early, helping to prevent breakdowns and accidents that can jeopardize worker safety.
4. Automated Reporting
AI can generate detailed and automated inspection reports, complete with images of any detected issues, suggested corrective actions, and compliance notes. This not only saves time but also eliminates the risk of human error in documentation, ensuring that safety protocols are accurately followed and tracked.
5. Risk Assessment
AI evaluates multiple factors, such as equipment usage patterns, age, wear and tear, and operating conditions, to generate risk scores for individual pieces of machinery. This helps prioritize maintenance efforts on the most vulnerable equipment, ensuring resources are allocated effectively to maintain a safe working environment.
6. Compliance Management
Mining operations must adhere to strict safety regulations and industry standards (e.g., MSHA, ISO). AI helps automate compliance checks and generates comprehensive, audit-ready reports that ensure your mining equipment meets all safety standards without the need for manual verification.
Benefits of AI-Enhanced Mining Equipment Inspections
1. Improved Safety
By identifying potential equipment failures early, AI helps reduce the risk of accidents that could endanger miners and cause costly operational delays. This proactive approach to safety ensures that any machinery defects are addressed promptly, safeguarding the well-being of workers in hazardous environments.
2. Increased Efficiency
Automating data collection, analysis, and reporting streamlines the inspection process, freeing up operators and safety personnel to focus on other critical tasks. With AI, mining operations can maintain optimal safety levels while simultaneously improving operational efficiency.
3. Enhanced Decision-Making
AI provides real-time insights and predictive analytics, allowing for more informed decisions about equipment maintenance and safety protocols. Mining operators can rely on AI data to schedule repairs or replacements, reducing downtime and improving the longevity of equipment.
4. Better Compliance
Ensuring compliance with mining safety regulations is a time-consuming task, but AI makes it easier by automating checks and generating reports that can be readily shared with regulatory bodies. This reduces the administrative burden on safety managers while ensuring all machinery complies with necessary standards.
5. Cost Reduction
Mining operations can see significant cost savings by reducing downtime, minimizing the risk of accidents, and optimizing maintenance schedules. With AI-driven inspections, mines can avoid costly repairs, equipment replacements, and regulatory fines.
Challenges and Considerations
While AI offers numerous advantages for mining equipment inspections, it is not intended to fully replace human inspectors. Challenges such as data quality, algorithm bias, and cybersecurity concerns need to be addressed. Additionally, a skilled workforce is necessary to oversee the implementation and management of AI technologies within mining operations.
Conclusion
By adopting AI, the mining industry can elevate safety standards, protect workers, and ensure equipment reliability. The future of mining safety inspections lies in the intelligent collaboration between cutting-edge technology and human expertise. This partnership between AI and human oversight can lead to safer, more efficient, and cost-effective mining operations.
Hear more from
Naaman Shibi
Paperless Solutions Expert
Pervidi Paperless Solutions
Exploration ground truths point to future innovation path
The key to maximising the value of high-quality real-time data acquisition and processing is AI
Technological innovation is the cornerstone of human progress. At their best the foundational technologies of the modern world – such as the global internet, digital technologies, space travel, clean energy, and AI – fill me with a belief that hard problems are not permanent fixtures in time and space.
They are mutable barriers humanity must overcome to build a brighter future for our planet.
We now face a paradox on the road to net zero: delivering the minerals needed to fuel the global adoption of clean energy technologies depends on the rate of new mineral discoveries. That makes the global mining industry not only an essential partner on the road to net zero but elevates the complexity and structural obstacles involved in modern exploration as critical problems that must be solved to achieve climate progress.
Innovators in this field need a reality check: mineral exploration is a balancing act of constantly shifting macro-level conditions (market pressures, investment cycles, shifts in exploration strategy, regulation, budgets, and price volatility etc).
This means every exploration company faces unique operating conditions that are either enabling their progress, slowing it down, or forcing it into stasis. However, when you examine the challenges of explorers on the ground and how they compound across the exploration lifecycle, a clear innovation path starts to emerge.
At the project level implementing a strategy in highly remote and rugged environments with incomplete datasets and changing budgets can be a real struggle. Exploration teams are often being pulled in several directions at once while managing the planning, logistics, data interpretation, strategy modification, and budget for each stage of their program.
Add the complexity of integrating vast amounts of data of various types and quality – each with their own weighted significance for the specific project – while reducing human bias in the analysis represent incredibly time and cost-intensive steps for exploration teams.
This is a significant contributor to why it takes up to 16.5 years to identify and operationalise a new mine (according to the International Energy Agency).
When I survey the technology landscape of the world today there are some very specific capabilities that can address these fundamental challenges in the exploration workflow.
Satellite connectivity, for real-time exploration data collection and processing. High-quality and scale invariant 3D multiphysics data, for streamlined integration of diverse 3D and 2D exploration datasets. Multimodal and multiscale artificial intelligence (AI) to radically narrow the exploration search space, enhance data-driven decision-making, while also de-risking and identifying new opportunities faster.
Expecting major or early-stage explorers to cultivate the expertise and resources needed to develop and integrate these technologies is unreasonable: their focus is and needs to stay fixed on discovery. They also don’t need multiple new technology providers and software to build into their planning cycle and strategy, adding more complexity.
The real-time and predictive capabilities enabled by advanced satellite connectivity, real-time multi-physics data acquisition, and AI must be combined into a plug-and-play technology stack that can be deployed rapidly at any stage of the exploration journey with minimal environmental impact. This represents more than just profound gains in efficiency at every level of exploration. It represents a unification of the end-to-end exploration journey, enabling data-driven learning in exploration on a previously unimaginable scale.
The key to maximising the value of high-quality real-time data acquisition and processing is AI. By linking a continuous feed of high-quality exploration data to custom multi-scale, multimodal AI models, the onsite teams working on the frontlines of exploration today can integrate and interpret vast amounts of data, challenge hypotheses, and arrive at actionable decision points faster. This creates shorter and more insightful learning cycles, strengthening a positive feedback loop of enhanced decision making at every stage of the exploration journey.
Looking at the arc of mining innovation before us, I see a deeper integration of these technologies across the global exploration value chain.
As we continue to strive for a net-zero future the operational challenges involved with mineral discovery can no longer be viewed as isolated hurdles. They must be addressed through a unified technological approach that empowers exploration teams with real-time data, AI-driven insights, and streamlined workflows, enabling them to deploy resources towards opportunities faster, with enhanced precision, while minimising environmental impact.
Instead of accepting complexity and operational headwinds as table stakes, we must view them as opportunities to drive down the time and costs involved between each step of the exploration journey using the latest wave of innovation in space, 3D multi-physics integration and AI.
With this approach we can meaningfully reduce the time to discovery, unlock sustainability across the mining lifecycle and set the industry up for a renaissance in data-driven exploration. Then, as mineral supply and demand equalises, clean energy technologies scale, and the inputs needed for the advanced technologies of the future are secured, the critical role of our industry will come into focus as the foundation of the clean energy future we aim to build.
The convening power of IMARC drives the future of the global mining value chain into the present.
IMARC’s invaluable role in forming a shared understanding of the challenges we face, opportunities for collaboration, and solutions that can move the industry forward, is critical to the progress we work tirelessly to achieve. We look forward to seeing you there!
*Flavia Tata Nardini, co-founder and CEO of Fleet Space Technologies, is a keynote speaker at IMARC 2024 in Sydney, Australia, from October 29-31.
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Flavia Tata Nardini
Chief Executive Officer and Co-Founder
Fleet Space Technologies
Port of Montreal Strike Exacerbating Canadian Mining Sector's Supply Chain Woes
The Québec-based Port of Montreal, a critical hub for Canadian trade, is facing another labor strike that threatens to disrupt industries reliant on the movement of essential goods.
Longshore workers at the Viau and Maisonneuve Termont terminals initiated a three day strike early on Monday (September 30) morning, halting operations. The terminals handle over 40 percent of the port’s container traffic.
The strike, involving around 350 dockworkers, follows a contract dispute between the Maritime Employers Association (MEA) and the union representing the workers, which is affiliated with the Canadian Union of Public Employees.
One of the main grievances of the striking workers is the issue of unpredictable work schedules, and they have made demands for better conditions and higher wages. The MEA has expressed disappointment over the lack of resolution, which persists despite mediation efforts and an emergency hearing before the Canada Industrial Relations Board.
The work stoppage at the Port of Montreal is expected to continue until Thursday (October 3), but there is no guarantee that further strikes won’t occur if negotiations remain unresolved.
The mining industry in particular is feeling the impact of these disruptions. Montreal serves as a key gateway for the export and import of various minerals, metals and raw materials such as iron ore, nickel and gypsum.
These materials are essential for manufacturing processes and are transported to smelters and refineries in the region.
The current strike marks third job action taken at the port since 2020.
“Canada cannot afford another strike at any port across the country. The federal government should make ports an essential service, so they remain operational at all times. Small businesses and their employees should not be subjected to the uncertainty of strikes and lockouts in the nation's supply chain infrastructure,” said Jasmin Guenette, vice president national affairs at the Canadian Federation of Independent Business (CFIB).
In 2020, Montreal port workers were on the picket line for 12 days, which impacted 115,000 shipping containers.
At the time, a statement from the Mining Association of Canada (MAC) underscored the impact of the work stoppage and its potential to undermine Canada’s position as a reliable trading partner.
"Mining is a leading customer at the Port of Montreal. With supply chains already under strain, this stoppage is another hit to the industry's ability to move vital materials efficiently," said Pierre Gratton, the MAC's president and CEO.
He echoed this sentiment in August when faced with a short-lived rail strike in Canada.
"Over the last several years, Canada has witnessed an unprecedented level of disruption in its supply chain through labour actions by railway and port workers, the pandemic, and civil disruption in the form of random and sporadic rail blockades," he said. "The reliability and reputation of Canada’s supply chain continues to deteriorate."
Gratton further emphasized the importance of a stable supply chain to support industries critical to Canada’s economic recovery and the global shift toward green technologies, such as electric vehicles and renewable energy infrastructure.
In a broader context, uncertainty in Canada's supply chains may deter investment at a time when the sector needs capital to meet rising global demand for minerals and critical metals. The CFIB notes that the strike's impact could have ripple effects on small- and medium-sized enterprises that depend on imports and exports moving through the port.
“Small businesses and their employees should not be subjected to the uncertainty of strikes and lockouts in the nation's supply chain infrastructure,” said Guenette in the CFIB's statement.
Like the mining industry, many small businesses are pressing the federal government to declare ports an essential service, a move that would keep them operational during labor disputes.
With growing calls for intervention, federal authorities may be prompted to take more decisive action in preventing further economic fallout from labor disruptions at Canadian ports. However, as labor negotiations continue, the mining sector and other industries remain at the mercy of potential delays.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Mark These Tax-loss Selling Dates on Your Calendar (Updated 2024)
As the end of 2024 nears, investors may want to consider how they can use tax-loss selling to their benefit.
Buying stocks low and selling them high is ideal, but sometimes investments go sour. In such cases, all hope is not lost — at the end of the year, investors can sell investments that provided losses instead of capital gains.
The money made from selling off losses can then be used to offset capital gains liabilities incurred for the year. This is the principle behind tax-loss selling, also known as tax-loss harvesting.
This valuable strategy offers investors another opportunity to lower their tax bill for 2025, according to the Wall Street Journal. In effect, it seems you really can win for losing. So let’s take a look at how tax-loss selling works.
How does tax-loss selling work?
Tax-loss selling is the process of selling stocks at a loss to reduce the capital gains earned on an investment. Since capital losses are tax deductible, they can be used to offset capital gains and reduce tax liability on an investor’s tax return.
Tax-loss selling generally involves investments related to huge losses, and because of this, these sales generally focus on a relatively small number of securities within the public markets. However, it’s important to be aware that if a large number of sellers were to execute a sell order in tandem, the price of the securities would fall.
It’s also worth noting that once selling season has ended, shares that have become largely oversold can bounce back. In addition, the fact that tax-loss selling often occurs in November and December means the most attractive securities for tax-loss selling are investments that are likely to generate strong capital gains early in the next year.
As a result, a potentially beneficial strategy would be to buy during the selling season and sell after the tax loss has been established. This approach could be used on either long-term capital gains or short-term capital gains.
Some investors may consider selling an asset at a loss, deducting that loss for a tax gain and then purchasing the same stock again in an effort to evade taxes. This is known as a wash sale, and is prohibited by the Internal Revenue Service (IRS); if the IRS deems a transaction to be a wash, the investor would not be allowed any tax benefits.
To avoid this situation, investors must wait 30 days to repurchase shares that were originally sold for a loss. Additionally, shares sold for a loss must have been in the investor’s possession for over 30 days.
What are the important tax-loss selling dates for 2024?
Tax-loss selling comes with many potential benefits, but it nevertheless has some strings attached.
The key thing for investors to remember is that it has deadlines. For investors filing their taxes in Canada, the last day for tax-loss selling in 2024 is December 30. Transactions for stocks purchased or sold after this date will be settled in 2025, so any capital gains or losses will apply to the 2025 tax year.
This year's tax-loss selling deadline for Canadians was previously expected to be December 27, but on May 27, the country switched to a T+1 settlement cycle (one business day following the trade date).
The system differs for investors who are filing their taxes in the US, and based on information provided by the IRS, the last day for tax-loss selling this year is December 31.
Investors should always consult with an expert or review relevant tax documents directly for complete answers. The information contained in this article should not be considered tax advice.
The flip side of tax-loss selling
As tax-loss selling starts, opportunities can open up for those who have spent the year on the sidelines.
In her piece “How Bout Tax Loss Buying?,” Gwen Preston of Resource Maven explains that Canaccord Genuity (TSX:CF,OTC Pink:CCORF) has found that from mid-November to mid-December, S&P/TSX Composite Index (INDEXTSI:OSPTX) stocks down more than 15 percent year-to-date underperform the index by nearly 4 percent. However, from mid-December to mid-January, those same stocks outperform the index by 3.6 percent.
“That outperformance is on top of gains the TSX reliably generates over that time frame,” Preston explains. “So instead of only seeing tax-loss selling as a time to generate tax credits by dumping dogs, let’s look at the opportunity to profit.”
Watch Gwen Preston of Resource Maven discuss tax-loss selling.
How can investors time tax-loss selling?
Regardless of whether you’re engaging in tax-loss selling or buying, Steve DiGregorio, portfolio manager at Canoe Financial, recommends acting swiftly and aggressively as “liquidity will dry up.”
He sees the second and third week of December as the ideal window, which is well ahead of the “Santa Claus rally” — the period around the last week of December when stocks tend to rise ahead of a healthier market in January.
For now, the year isn’t over yet, so whether you’re tax-loss selling or buying, there’s still time to talk to your accountant or financial advisor to determine which approach is best for you.
This is an updated version of an article first published by the Investing News Network in 2014.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
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