UK-based engineering company Weir Group has agreed to acquire Motion Metrics, a global mining technology business that specialises in artificial intelligence (AI) and 3D rugged machine vision technology.
The company said the deal is worth approximately $120.9 million (£89 million). It said Motion Metrics' technology helps miners increase safety, efficiency and sustainability and is "highly complementary" to its product portfolio.
Additionally, Motion Metrics' technology will undergo a "rapid globalisation" through Weir's global network, it insisted.
Explaining the motivation for the deal, Weir Group said miners are increasingly focused on improving the safety, efficiency and sustainability of their operations.
Motion Metrics has developed products and solutions that support these critical ambitions leveraging innovative Machine Vision, distributed AI and machine learning, it continued.
Included are smart, rugged cameras that monitor and provide data on equipment performance, faults, payloads and rock fragmentation.
This data is then analysed using embedded and cloud-based machine learning to provide real-time feedback to the mining operation, identifying potential issues that could impact safety and cause downtime.
Jon Stanton, Weir Group's chief executive officer, said the deal reflects our ambition to play a leading role in the mining industry's transformation.