IMDEX buys AusSpec for US$5.9 million

Australia-based mining-tech company IMDEX has acquired New Zealand spectral mineralogy solution developer AusSpec for A$8.5 million (US$5.9 million).
IMDEX buys AusSpec for US$5.9 million IMDEX buys AusSpec for US$5.9 million IMDEX buys AusSpec for US$5.9 million IMDEX buys AusSpec for US$5.9 million IMDEX buys AusSpec for US$5.9 million

aiSIRIS will complement IMDEX’s GeoAnalysis solution

The acquisition, which comprises A$3 million cash, and A$5.5 million in IMDEX shares over two years, gives IMDEX access to AusSpec's cloud-based Artificial Intelligence Spectral Infrared Interpretation System (aiSIRIS).

IMDEX said this closes a "technology gap around rock knowledge" for the firm, adding that the company will benefit from the addition of AusSpec co-founder and director Dr Sasha Pontual, a spectral mineralogy expert, and her team.

"The aiSIRIS technology fundamentally changes the approach to mineralogy. There is nothing else like this in the industry," said IMDEX chief executive Paul House. "Without it, the alternative workflows are costly and time consuming. This makes mineralogy routine and establishes the industry standard".

AiSIRIS will complement IMDEX's GeoAnalysis solution and integrates with its data-handling ioGAS software, added the firm.

"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.

"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."

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