Wheaton Precious Metals ( TSX:WPM,NYSE:WPM)announced the launch of the Future of Mining Challenge, a global competition aimed at advancing technological innovation in the mining sector.

The initiative, developed in collaboration with Foresight Canada, seeks to foster solutions that will reduce greenhouse gas emissions and improve overall efficiency in mining operations.

The focus is on technology that can reduce the environmental impact of base and precious metals mining, in line with Wheaton’s commitment to addressing challenges revolving around carbon emissions and efficiency.

Cleantech companies and innovators from around the world are invited to participate. The goal is to identify scalable solutions that can be applied to mining operations across the globe.

A US$1 million prize will be awarded to the winner, with applications opening on Wednesday (September 18).

Randy Smallwood, president and CEO of Wheaton Precious Metals, emphasized the critical role that mining plays in the global economy. “It is critical that we foster innovation and collaboration to improve the future of mining, with a goal of making current practices more efficient and sustainable,” he said in a press release.

Foresight Canada specializes in fostering clean technology innovation, and CEO Jeanette Jackson echoed the dual objective of the competition: reducing emissions while enhancing productivity and profitability in the mining sector.

"By working together, we will seek to identify solutions whose goal is to not only reduce emissions but enhance the productivity and profitability of the global mining sector. We are excited to see the innovations that emerge," she noted.

A panel of industry experts will review the proposals, and the winner will be announced at next year's Prospectors & Developers Association of Canada convention, scheduled to run from March 2 to 5, 2025, in Toronto, Canada.

The deadline for Future of Mining Challenge applications will be at the end of the year.

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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.