Vancouver-headquartered Wheaton Precious Metals has launched the inaugural Future of Mining Challenge, which will award USD $1 million to a winning venture to advance their technology.
The new initiative supports innovative technologies aimed at minimizing environmental impacts, improving efficiencies, and contributing to climate solutions, while ensuring key resources are responsibly available for future generations.
“Mining is integral to every facet of our daily lives, providing the essential materials that are needed for our society,” said Randy Smallwood, President & Chief Executive Officer of Wheaton.
“From the metals used and found in our infrastructure and technology, to those needed for a transition to a low-carbon economy, we continue to rely on the resources from the mining industry. It is critical that we foster innovation and collaboration to improve the future of mining, with a goal of making current practices more efficient and sustainable.”
The Future of Mining Challenge invites cleantech companies from around the world to submit and propose industry solutions. This year’s challenge focuses on identifying eligible technologies with the potential to reduce greenhouse gas emissions across mining operations.
In alignment with Wheaton’s business model, the solutions should be applicable for base and/or precious metal mining. They should also be scalable globally, with the aim of future implementation at operating mines. The challenge will be supported by Foresight Canada.
“Foresight is committed to supporting the world’s largest industries to be more environmentally and economically prosperous through innovation programs with partners like Wheaton Precious Metals”, said Jeanette Jackson, Chief Executive Officer of Foresight Canada.
“By working together, we will seek to identify solutions whose goal is to not only reduce emissions but enhance the productivity and profitability of the global mining sector. We are excited to see the innovations that emerge.”
Submissions for challenge applications open on September 18, 2024, and the winner will be announced in March 2025 at the PDAC Convention in Toronto, the world’s largest mining conference.