JPMorgan helps MineSense to raise $42m to close copper gap

Cecilia Jamasmie | December 7, 2022 | 8:17 am News Canada Cobalt Copper Iron Ore Nickel 
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Highland Valley Copper Operations in British Columbia. (Image courtesy of Teck Resources.)

Canadian digital mining solutions firm MineSense Technologies has raised $42 million in an investment round led by JPMorgan Asset Management, which will help it speed up the commercial release of a tool that could help close an expected copper deficit.

The privately-held firm has been pioneering data-driven solutions that improve ore grade control, operational profitability and carbon intensity across the metals mining industry, with special focus on the copper sector.

MineSense currently currently serves mines across North and South America, with notable deployments in British Columbia (Teck’s Highland Valley Copper, Copper Mountain Mining’s operation and Taseko Mines’ Gibraltar operation), Chile (Carmen de Andacollo) and Peru (Antamina).

The Vancouver-based company says its technology has help increase output at mines that use its solutions by 5% to 25% and it has bigger ambitions — to fill up to 10% of the global copper supply gap, according to its chief executive officer Jeff More.

Chile’s state owned mining company Codelco, the world’s biggest copper producer, believes that global shortages of the metal may reach eight million tonnes by 2032, as soaring demand continues to offset new projects numbers.

It’s estimated industry needs to spend more than $100 billion to build mines able to close what could be an annual supply deficit of 4.7 million tonnes by 2030.

MineSense said the funds raised will allow it to expand its coverage globally and extend into other critical metals such as nickel, cobalt, zinc and iron ore, it said.

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