Australian bulk ore sorting technology company NextOre has confirmed a A$5.2 million (US$3.5 million) equity raise, which it aims to use to grow and meet orders.
The raise is understood to be in line with management expectations.
NextOre banked about $2.2m of equity funding late last year and continues to pursue debt finance to provide working capital for larger orders.
The company says it has commercial contracts in Chile, Zambia, Philippines and Australia. Last year First Quantum Minerals demonstrated the effectiveness of the “largest bulk sorting system ever built” at its Kansanshi copper mine in Zambia.
NextOre says its products, which incorporate unique magnetic resonance sensing technology developed by Australia’s CSIRO national science agency, have been shown to increase efficiency and reduce energy, water and chemical use and waste at various copper operations.
“Funding from the series B capital raising will be used to support the working capital requirements for growing orders of bulk sorting systems along with increasing staffing across the business to scale with growing opportunities and to apply bulk sensing and sorting solutions more broadly in iron ore, gold and nickel mines,” it said.
RFC Ambrian was cornerstone investor in the NextOre funding round.
The fund manager was a founding partner with CSIRO and ASX-listed engineering group, Worley, in NextOre’s 2017 formation.