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T-Net News: MineSense Technologies Closes Multi-Million Dollar Series B Financing

Published on Tuesday, June 09, 2015

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BC Technology News article on UBC-affiliated MineSense Technologies

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Vancouver, BC, June 4, 2015–(T-Net)–MineSense™ Technologies Ltd, a pioneer in real-time, sensor-based bulk ore sorting solutions, today announced the final closing of a multi-million dollar Series B financing.

The fully subscribed round was led by San Francisco-based Prelude Ventures and joined by Export Development Canada (EDC)Cycle Capital Management, and initial investor Chrysalix Energy Venture Capital. This marks a significant funding round for a mining technology company and comes on the heels of customer-funded field trials with one of the world’s largest mining companies.

“With fewer and lower grade deposits available and declining metal prices, the global mining industry is desperately seeking efficiencies to offset escalating costs and resulting margin squeeze,” said Tim Woodward, Managing Director of Prelude Ventures. “The right technical innovations can drive operational efficiency. MineSense specifically targets one of the largest operating expenses for a mine – the cost of energy to crush waste rock – and can significantly optimize a mine’s current ore extraction and metal recovery processes, while greatly reducing its energy footprint with a system payback in the order of months.”

MineSense has developed a fast, scalable, and robust mineral sensing platform that integrates with shovel and belt-based material handling equipment to provide precise, accurate, real-time grade control and ore routing decisions at the point of extraction for maximum resource conversion and metal recovery.

With its unprecedented sensitivity, range, and speed and based on early pilot test results, the MineSense Solution promises to increase the accuracy of ore/waste classification by over 50% providing up to 20% margin enhancement through reduced energy, water, and chemical usage, according to the company.

Read the full BC Technology article here.