In announcing the finalists, the innovation body noted that two contenders - Orexplore and Minalyze - have innovations that help to map and assess deposits in a more efficient way than is done today.

"This is a challenge for mining companies around the world and the market for these innovations is large."

Meanwhile, Widefind's product for very accurate positioning of both people and assets underground, was "extremely important from both a safety and efficiency perspective", said the organisation.

Jenny Greberg, program director of Swedish Mining Innovation and chairman of the jury, said: "This year's theme for the nominated innovations was smart solutions for well-defined problems that will make major improvements in the industry."

"We also see a consistent theme that successful innovations come from our Swedish collaboration model. Many of the nominated innovations have been developed in collaboration with different types of actors."

The jury features Greberg, and includes Lennart Evrell, board member SCA, the Confederation of Swedish Enterprise, ICA and Epiroc, Maria Sunér Flemming, CEO Svemin and Margareta Groth, unit manager Industrial Development, Vinnova.

The winner will be awarded at Svemin's Autumn Meeting on November 17.