- Stealth Elements is set to team up with Global Integrated Operations to develop AI technology for mining plants
- The new technology will target operations at processing centres, aimed at reducing control room variability while increasing the cost-effectiveness and sustainability of the plants
- Both Stealth and Global will work together to formulate plans for a Software as a Service (SaaS) AI program which clients can access for a monthly fee
Stealth Elements is set to team up with Global Integrated Operations to develop AI technology for mining plants.
A joint venture between the two companies will kick off in January next year, with Stealth and Global io set to inherit a 60-40 interest stake respectively.
The new technology will target operations at mining plants, aimed at reducing control room variability while increasing the cost-effectiveness and sustainability of the processing centres.
Both Stealth and Global will work together to formulate plans for a Software as a Service (SaaS) AI program which clients can access for a monthly fee.
Strategic managing director Charles Murphy said the joint venture would lead to the application of AI technology in line with some of the leading trends across the globe.
“Data analytics, automation and robotics technologies continue to transform the resources sector,” Charles said.
“We look forward to working with an end-user to develop the proof of concept and demonstrate the functionality and feasibility of applying artificial intelligence to fixed plant processing in mining,” he continued.
Stealth Elements is a subsidiary of government-owned conglomerate Strategic Elements, a development fund that backs Australian innovation. Based in WA, Global io builds mining operation programs and has commenced work across Australia, Chile and Canada.
Currently, US$680 billion is generated every year by the world’s top 40 mining plants. According to Strategic Elements, reducing the variability of mineral processing centres with more accurate technology will lead to an even greater increase in this revenue.
“Most artificial intelligence companies only focus on software development. Stealth’s point of difference is the multi-disciplinary capability to physically custom-build automated robotic machines, integrate computer vision capabilities enabling a computer to see (through cameras and sensors) and create AI through machine learning and software development,” Charles Murphy concluded.
The partnership announcement triggered a 7.46 per cent rise in Strategic Elements’ stock price today, now sitting at 7.2 cents each.