Tag Archives: Dundee Precious Metals

Humyn.ai and Dundee Precious Metals put out call to accelerate mineral discoveries

Humyn.ai has partnered with Dundee Precious Metals to launch a crowd-sourced open data competition looking to fast track the discovery of mineral deposits.

The competition, which will run until May 2024, is a worldwide call for geologists and data scientists to collaborate with the DPM team and develop innovative ways to accelerate mineral discoveries.

Humyn.ai says: “Mineral exploration currently has a less than 1% success rate globally, in terms of discovering new economic orebodies. One of the challenges, especially on the near-mine data rich exploration environment, is the increasingly complex and multi-layered datasets that geologists need to collect and further integrate with already available heterogenous historical data.”

Dundee Precious Metals sees this challenge as an opportunity to work closely with geologists and data scientists, to share industry, technical and site-specific knowledge in order to collaboratively develop an innovative targeting approach applicable in such an environment, Humyn said.

The Future Explorer Challenge comes with the chance to win up to $250,000 in prizes, as well as the prospect of future closer collaboration with the DPM team, Hymun.ai says.

David Rae, President and Chief Executive Officer of Dundee Precious Metals, said: “We are excited to be launching this innovative competition. While the overall objective is the potential discovery of significant new deposits, we are also targeting the opportunity to work with top innovators – both geoscientists and data professionals – to develop new ways of unlocking the value in our data.”

Humyn.ai Founder and Director, Holly Bridgwater, said: “This crowd-sourced data competition will engage a global community of innovators, many of whom have no experience with the mining industry. We can’t wait to see how people with diverse skills from around the world will contribute to solving a hard problem faced by industry.”

Epiroc strengthens digitalisation offering with MineRP acquisition

Epiroc has agreed to acquire MineRP, a software company majority owned by Dundee Precious Metals that specialises in increasing productivity for mines through integrated planning, execution and analytics.

MineRP has offices in South Africa, Canada, Australia and Chile. The company supports large and medium-sized mines globally in strengthening and optimising their operational efficiency by providing a software platform solution that integrates all technical mining data and other information such as machine data and ERP systems. MineRP has about 200 employees and had revenues of about $16 million for the 12 months ending June 30, 2020.

Helena Hedblom, Epiroc’s President and CEO, said: “This acquisition fits well into Epiroc’s focus on supporting mining companies on their digitalisation journey. The combination of MineRP’s platform capabilities with Epiroc’s digital solutions, partners and global presence has the potential to transform the way that mines operate.

“MineRP is a high-quality software provider with significant experience of connecting mines from pit to port and, together, we will continue to make mining customers’ operations even more smart, safe and seamless.”

The business will become part of Epiroc’s Digital & Technology division.

While Epiroc did not disclose the acquisition price, in a separate press release Dundee Precious Metals said the consideration for its fully-diluted 70% equity interest in MineRP and the repayment of DPM shareholder loans included:

  • Around $40 million in cash representing the estimated portion payable to DPM on closing of the transaction; and
  • Potential additional payments in the form of an earn-out of up to $28.7 million representing the portion payable to DPM upon the achievement of certain MineRP revenue targets in 2021 and 2022.

The acquisition is expected to be completed, after regulatory approvals, in the first half of 2021.

Dundee Precious Metals reaches production milestone at Krumovgrad

Dundee Precious Metals has achieved first gold concentrate production from its Krumovgrad open-pit gold mine, in Bulgaria, it says.

Following cold commissioning of the processing plant facilities, 650 t of ore was processed through the crushing, grinding and rougher flotation circuits at a rate of around 100 t/h, producing the first concentrate from the Ada Tepe deposit.

Rick Howes, President and CEO, Dundee Precious Metals, said: “With commercial production expected in the second (June) quarter of this year, this is the beginning of a new chapter for DPM, which will deliver significant growth in gold production and free cash flow.”

In the coming weeks, the focus will be on beginning the ramp-up and optimisation of the processing plant to achieve the design throughput of 105 t/h and the design gold recovery of 85%, according to the company.

The forecast capital cost for Krumovgrad remains at $164-$166 million, compared with the original estimate of $178 million. As at February 28, construction of the project was 97% complete with $147 million incurred.

Dundee said: “There is significant operating flexibility during ramp-up given the various grades of stockpiled mined ore at Krumovgrad.”

Gold contained in concentrate at Krumovgrad is expected to be between 55,000-75,000 oz in 2019, but, based on the mineral reserves for Krumovgrad, the mine will produce on average 100,000 oz/y of gold contained in concentrate for the first five years of production, with a life of mine average of some 85,000 oz at a $404/oz cash cost.

Dundee Precious Metals to map underground mines with Exyn A3R autonomous drones

Exyn Technologies says it has signed up Dundee Precious Metals as the first commercial customer for its Autonomy Aerial Robots (A3Rs).

Dundee will use the fully autonomous aerial system for data collection in GPS-denied environments to advance its initiatives focused on the digitisation and automation of its underground mining operations, according to Exyn.

Theophile Yameogo, Vice President Digital Innovation, Dundee Precious Metals, said, “The Exyn A3Rs allow frequent and hi-resolution mapping of underground environments while reducing risks to personnel.”

Yameogo said the company was already very excited at the results of the maps it was seeing. “As we further integrate the A3Rs into our workflow, we anticipate a transformation of operations compared to today’s models,” he added.

Exyn’s A3Rs are driven by the company’s proprietary software, exynAI™, a robust commercially available software platform enabling full autonomy for aerial robots. Exyn has deployed its A3Rs as a service for customers in the US, Latin America and Europe.

By using Exyn’s aerial robots to automate mapping and surveying, Dundee is, Exyn says, transforming its underground operations in three vital areas:

  • Improving the quality of mapping data captured when compared with traditional surveying techniques;
  • Improving safety by reducing the amount of time spent underground by human operators, and;
  • Increasing operational efficiency by having more accurate and up-to-date information for mine planning.

Exyn’s A3Rs operate without the need for a human pilot and in GPS-denied environments. The company said: “They are fully self-contained, intelligent systems designed to operate without the need for any prior information, persistent communication, or GPS. With all intelligence on board, the vehicle is capable of carrying out high-level missions in complex and completely unknown spaces.”

Exyn’s multi-sensor data fusion pipeline allows each robot to assimilate measurements from a variety of on-board sensors including 3D LIDAR, cameras, and inertial sensors to “generate a robust state estimate of itself and surrounding environments”.

When married with Exyn’s real-time navigation software stack, the robots can safely avoid collisions with both stationary and moving obstacles during requested missions, according to the company. “Moreover, its robots are also able to do real-time Simultaneous Localisation and Mapping to enable highly accurate map generation.”

Dundee operates the Chelopech underground copper-gold mine in Bulgaria and is soon to be producing gold at the Krumovgrad project, also in Bulgaria.