2020 Artificial Intelligence Awards

www.wealthandfinance-news.com 16 Wealth & Finance International - 2020 Artificial Intelligence Awards APR2w2 Mining is one of the oldest industries on Earth, but the role of technology has been able revolutionise how the work is undertaken. The team at Mineral Forecast are leading an innovative approach that embraces the potential of artificial intelligence. We take a closer look at what they do, how they do it and why they have been able to achieve such an astonishing degree of success within the mining sector. Leading Innovators in Mining Exploration AI - Latin America Mineral Forecast Jan21064 The mining industry is in a state of change, adapting to the new demands and expectations of the world at large. Technology has an enormous role to play, but many businesses simply don’t know how to utilise it to the fullest. The team at Mineral Forecast have spent years working out new ways of operating that have led to the incredible success the team see today. The team provide support to ensure that resources for mining exploration and development are used in the most efficient way. The most expensive part of the mining process is deciding where to place a drill hole. Even a modest campaign of 10,000 meters to explore the potential of gold or copper extraction can cost $2M. While the mining industry is inherently risky, these costs can put off even the most intrepid adventurer. Artificial intelligence is one of the many ways around the risk factor. It can narrow down the options to a much smaller area, bringing about a higher chance of success. The team uses multivariate statistical models that can easily be applied to both greenfield and brownfield projects. These models are built on databases generated in exploration and development processes, exploring the various factors involved, including geology, geochemical and geophysical to name but a few. Once these models have been constructed, it’s easy for the Mineral Forecast team to identify areas of interest and project the results of potential drillings in areas with less information. This degree of extrapolation has only become possible recently, thanks to new developments with artificial intelligence. With this information, the team can collaborate with their mining partners to choose the ideal drilling point for maximum reward. Through use cases, they show can cut costs by 29% and cut discovery time by 25% when they are part of the process. As economic resources in this sector are difficult to find, having these tools available at hand is vital to increase success. The value of artificial intelligence in this sector has been invaluable to achieving success for many firms. The algorithms that the team at Mineral Forecast produce are an invaluable resource to many companies, ensuring new levels of success now and for years to come. Company: Mineral Forecast Contact: Arturo Rochefort Email: [email protected] Contact: Javier Muñoz Email: [email protected] Website: www.mineralforecast.com