Heather Clancy of GreenBiz reports on the use of AI in the mining process.
- The process of extracting critical minerals, which are necessary to produce solar panels, wind turbines, and EVs, can be inefficient and environmentally damaging.
- Large mining companies are exploring the possibility of using AI to cut costs and improve accuracy during exploration.
- One company claims that the use of AI cut the exploration window from to three years to two months while reducing costs by $3-5 million.
- Technological breakthroughs may better detect critical minerals like lithium and copper and reduce the mining industry’s environmental footprint in the process.
“The other two companies are earlier-stage ventures. GeologicAI of Calgary, Alberta, is also a Breakthrough Energy investment; it disclosed a $20 million Series A round in late June. Boston-based VerAI Discoveries revealed its Series A infusion of $12 million back in early March. It, too, counts T. Rowe Price as an investor, along with Orion Resource Partners, Chrysalix Venture Capital and Blumberg Capital.”
Read the full article here.
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