MANAGEMENT

New investment puts indurad on miners' radar

Australian mining equipment, technology and services (METS) private equity investor Jolimont Global Mining Systems has made a €4 million (US$4.5 million) investment in Germany’s indurad, a radar-technology and software company operating in the US, Canada, Brazil, Chile, Australia and Europe

Staff reporter
indurad was founded in 2008 as a spin-off of RWTH Aachen University, in Germany

indurad was founded in 2008 as a spin-off of RWTH Aachen University, in Germany

Spun out of Germany's RWTH Aachen University after developing its first industrial radar sensor in 2003, and then commercialising the product, indurad said its patented 2-D and 3-D radar systems are installed at mines and ports worldwide "to increase ore throughput and minimise downtime and collisions".

Reik Winkel, indurad CEO and co-founder, said its "radar solutions remove bottlenecks in the movement of ore from mine to ship to market at a fraction of the cost of building larger facilities".

"Bringing Jolimont on board as shareholders represents a significant step in our strategy to build the company to €50 million in revenue," he added.

He said Jolimont brought a strong global mining industry network and "deep understanding of innovative technologies". indurad co-founder Christian Augustin cited the PE company's recent successful exit after being an active shareholder in Canadian mining technology company Newtrax, acquired by Sandvik, and said Jolimont was the right partner for indurad's "next growth phase".

Jolimont's Lyle Bruce and Lex McArthur are joining indurad's board of directors.

"We undertook extensive due diligence on indurad and three things stood out: their best-in-class radar systems, the glowing testimonials from their customers and partners in terms of value delivered, and the high calibre of their engineering and management team," McArthur said.

Jolimont, backed by Resource Capital Funds, said the METS sector presents "outstanding investment opportunities, magnified in an environment of volatile commodity prices and historically high operating costs".

 

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Magazine Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Magazine Intelligence team.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production

editions

Mining Magazine Intelligence Automation Report 2023

An in-depth review of operations using autonomous solutions in every region and sector, including analysis of the factors driving investment decisions

editions

Mining Magazine Intelligence Exploration Report 2023 (feat. Opaxe data)

A comprehensive review of current exploration rates, trending exploration technologies, a ranking of top drill intercepts and a catalog of 2022 Initial Resource Estimates and recent discovery successes.