Global mining-tech company IMDEX has acquired New Zealand-based AusSpec, an industry leader in automated mineralogy to the mining sector, for A$8.5 million. The cash and shares deal unlocks access to AusSpec’s unique, cloud-based aiSIRIS technology, closing a technology gap for IMDEX around rock knowledge.
aiSIRIS (Artificial Intelligence Spectral Infrared Interpretation System) is proven technology that has processed more than 2 million spectra from more than 1,000 mining projects across the globe, and has enabled AusSpec to build up an extensive spectral library. aiSIRIS complements IMDEX’s existing in-field GeoAnalysis solution and integrates with IMDEX ioGAS software to provide further interpretation and analysis.
IMDEX Chief Executive Officer Paul House said the acquisition reflects the company’s continued drive to provide more complete rock knowledge to clients through real-time technology. “The aiSIRIS technology fundamentally changes the approach to mineralogy. There is nothing else like this in the industry,” he said. “Without it, the alternative workflows are costly and time consuming. This makes mineralogy routine and establishes the industry standard.”
“Every mine in the world makes decisions on the four components of rock knowledge – location, texture, grade and mineralogy. Our technology stack currently addresses three of these components and aiSIRIS satisfies the fourth – mineralogy,” continued Mr House. “Creating answer products, such as mineralogy, from field data in near real-time, is a big part of our vision and this is just another step in our goal to be the global leaders in creating rock knowledge for resource companies.”
The acquisition price comprises A$3 million cash and A$5.5 million in IMDEX shares over two years. Dr Sasha Pontual, AusSpec co-founder and director, along with the AusSpec team will join IMDEX.