AI IN MINING
“ Those seeing AI contribute more than 20 percent to earnings . . . are not just from the tech sector . So it is possible for any company to get a good amount of value from AI if it ’ s applied effectively in a repeatable way .”
MICHAEL CHUI , PARTNER , MCKINSEY GLOBAL INSTITUTE
Five phases to Rare Earth Elements mining There are five phases within REE mining : prospecting , discovery , development , operation / production , and reclamation . In the operation / production phase companies answer the question of how to mine , mill , and process the discovered ores . It is here that AI has the most impactful presence .
According to a recent research paper from Pixeplex , The Kore Geosystems company won $ 500,000 in funding for their idea of leveraging AI in combination with installing measurement instruments onto drill rigs for real-time automated geological data acquisition and decision making . This will fast-track exploration campaigns and vastly reduce costs . For Chinese mining companies , this equates to efficiency and informed decisions about which plots of land they will use for drilling and which plots they will reserve .
Ozius Spatial , a company utilizing machine learning , has figured out practices to better prevent environmental destruction – the root cause of Chinese restraints on mining , the paper adds . By deploying satellite imagery and drones , companies don ’ t have to be on-site and can use remote-sensing algorithms , supported by machine learning , to enable them to assess large tracts of land .
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