Canada’s DIGITAL investment agency has flagged more mining technology co-investments this year as it broadens engagement with what it sees as a maturing digital sector.
The innovation accelerator, one of six government-backed Canadian “superclusters” providing financial and other resources to emergent domestic industries, has backed Ontario-based Novamera to the tune of C$2.9 million as part of a broader, $10 million Data Driven Surgical Mining project, and put $5.6 million into an Earth X-Ray project led by Vancouver-based Ideon Technologies.
The $16.6 million Mining Microbiome Analytics Platform involving Teck Resources and Rio Tinto has drawn $4 million of DIGITAL funding.
“DIGITAL’s co-investment distribution is based on a collaborative approach to innovation where multiple partners are involved in a project,” vice-president of programs, Nadia Shaikh-Naeem, told InvestMETS.com.
“Our co-investment in a project is non-dilutive, with a key principle of our model to co-invest alongside industry as part of de-risking R&D and accelerating global commercialisation.”
Only Canadian entities or organisations that have substantial operations in Canada receive DIGITAL co-investment. Its investment in the Data Driven Surgical Mining project was made under its Horizon AI program, “focused on catalysing global adoption of made-in-Canada AI solutions with innovations that respond directly to market needs”, according to the agency.
“The Novamera-led consortium demonstrated a robust understanding of these demand-driven dynamics, and included two early customers, which confirmed the sector need for Novamera’s suite of surgical mining technologies as well as a willingness to invest in the technology development, and an eagerness to establish a commercial relationship,” a DIGITAL spokesperson said.
“Ahead of receiving DIGITAL co-investment, Novamera’s technologies had gone through market assessments, prototyping and early demonstration, with results that were compelling in supporting sustainable mining practices.”
Maritime Resources Corp and Great Atlantic Resources Corp also received modest DIGITAL funding for the Novamera-led Data Driven Surgical Mining project, with the partners providing the bulk of the funding.
Shaikh-Naeem said DIGITAL looked for a combination of skillsets in a consortium that were “well rounded with combined backgrounds not only in a specific sector such as mining, and digital technologies, including AI, but also financial markets, business development and relevant operational expertise and experience”.
“These are critical skillsets to support any mining technology development through the early adoption and commercialisation stages,” she said.
Shaikh-Naeem said DIGITAL’s circa-five-year investment history was dominated by healthcare ventures, “which offers interesting comparisons to our emerging mining portfolio”.
“The mining sector and healthcare have both advanced digitally, yet their perceived maturity and opportunities differ,” she said.
“The mining sector has effectively implemented advancements in AI, IoT and automation, resulting in significant improvements in operational efficiency, predictive maintenance and environmental sustainability, signalling a shift towards digital maturity.
“The mining sector is more digitally mature than it was five years ago, due not only to the advancements in digital technologies but also the increased adoption of digital platforms, enhanced data analytics capabilities, and a shift towards remote operations that have all contributed to this maturity by optimising processes and reducing operational risks.
“This maturing digital landscape and ongoing innovation promises long-term growth, making the mining sector an ongoing appealing and exciting opportunity for DIGITAL co-investments.”
Shaikh-Naeem said she saw a “significant role for DIGITAL in spurring this transformation in the mining sector”.
“Over the next five years, we see the mining industry poised to further capitalise on digital innovations such as AI-driven predictive maintenance, autonomous mining systems and advanced data analytics,” she said.
“Embracing these technologies offers a transformative opportunity to further accelerate streamline operations, mitigate risks, and meet evolving environmental and regulatory demands effectively.”
