Mining technology firm Blast Movement Technologies has sold a majority stake to Jolimont Global Mining Systems (Jolimont Global), a private equity group that invests in high growth mining equipment, technology and services companies, and its joint venture partner Resource Capital Funds, one of the largest global private equity firms focused on mining.
Blast Movement Technologies, established in Brisbane, Australia in 2005, is a global leader in blast movement monitoring technology. The patented system is used by mining companies worldwide to accurately locate ore and waste zones after blasting, allowing accurate separation of ore from waste in the mining process. Ensuring that the valuable ore that can be worth millions of dollars in profits is not accidently discarded.
Despite the global downturn in the mining industry, the company increased revenue by 36% in 2014–15. Exports contributed 77% of BMT’s revenue during the year and increased 63% from the prior year.
Founder Darren Thornton said the move will enable further growth of the business and confirm BMT’s technology as world’s best practice for blast movement monitoring. The company will now leverage Jolimont Global’s experience in building high-growth technology companies and give the firm access to the global network of Jolimont Global and RCF.
“Bringing Jolimont Global and RCF on board as partners and majority owners represents a significant step in our strategy to build the company,” he said.
Thornton insisted it would be business as usual for the firm, despite the change of ownership. “There is no change to BMT’s identity, operations or plans,” he said. “We and Jolimont Global have selected key people to augment our management team which will be announced shortly.” he said.
Jolimont Global’s Lyle Bruce will be joining the BMT board as Chairman. Lyle was Managing Director of GroundProbe from 2003 to 2013, is Chairman of MineWare, a dragline and mining shovel monitoring company and Chairman of SmartCap, a heavy equipment driver fatigue systems company.
Jolimont Global’s CEO Lex McArthur, a mining engineer with 15 years technology investing experience will also be joining the board. “We undertook extensive due diligence on Blast Movement Technologies and were blown away by the testimonials from their customers. Their system can be implemented rapidly and immediately reduces dilution and ore loss and lifts operational profit by millions of dollars per blast in many cases”, McArthur said.
The Blast Movement Monitoring (BMM) system from BMT comprises transponders, a specialised portable detector and proprietary software. The transponders are placed in the rock prior to blasting and located after the blast using the detector. Software calculates the movement vectors to determine the ore’s location after the blast.
By monitoring the movement of rock from blasting, the location of valuable ore is known, allowing effective selective mining.