#Pandemic Accelerates #MiningTech Investment

The pandemic is accelerating investment in automation and technology upgrades by mining companies to reduce the numbers of staff on site, according to the chief executive of the world’s largest mining drilling equipment manufacturer.

Miners were already updating equipment to cope with lower grade material and deeper mines, which often involve more water. They have also been responding to pressure from investors to reduce carbon emissions. More are using electric trucks, for example, and every big miner now has a net zero carbon target.

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“Given the pandemic, that has really been identified as an area where automation and digitalisation can help. With connected machines, when you send a technician to site, you know what the problem is. If anything, the pandemic has increased the transition to new technology,” she told the Financial Times.

Ms Hedblom said the mining industry had “huge potential” to improve sustainability, safety and productivity. The average age of mining equipment is increasing, she added, offering opportunities both in new sales and in servicing older machinery.

Chief of machinery maker Epiroc says interest in automation and electrification is ‘coming from everywhere’

See the whole article on the FT here: 

Pandemic accelerates mining tech investment

MasterMetals

#TSXV #MiningStocks Financings announced increased to $281MM, a 23-week high, with 14 new brokered financings for $224.6MM, a 164-week high

@ORENINC INDEX above 100 as financings rocket

Jan 25 Posted by AdminCOL in Natural Resources

Last Week: 70.38

This week: 104.30

The Oreninc Index increased in the week ending January 22nd, 2021 to 104.30 from 70.38 a week ago as financings rocket.

On to the money: the aggregate financings announced increased to $281 million, a 23-week high, with 14 new brokered financings and 13 new bought-deal financings announced. The average offer size increased to $7 million, a 123-week  high, and the number of financings increased to 40.

Gold closed the week higher at $1,856/oz from $1,829/oz a week ago. The US dollar index closed lower at 90.24 from 90.88 a week ago. 

The widely followed junior mining index, the VanEck managed GDXJ, closed the week up at $50.34 from $49.35 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week higher at 288.84 from 284.53 last week. The SPDR GLD ETF inventory closed the week down at 1,173.25 tonnes, or 37.72 million ounces, from 1,177.63 tonnes last week.

In other commodities, Silver closed the week higher at $25.55/oz from $24.98/oz a week ago. Copper closed the week at $3.62/lb from $3.673/lb a week ago. Oil went down as WTI closed down at $52.27 a barrel from $52.48 a barrel a week ago.

The Dow Jones Industrial Average closed up at 30,996 from 30,814 a week ago. Canada’s S&P/TSX Composite Index closed down at 17,845 from 17,909 the previous week. 

The S&P/TSX Venture Composite Index closed up at 947.43 from 908.00 a week ago.

Summary:

• Number of financings increased to 40.

• Fourteen brokered financings were announced this week for $224.6m, a 164-week high.

• Thirteen bought-deal financings were announced this week for $220.6m, a 239-week high.

• Total dollars increased to $281m, a 23-week high.

• Average offer heightened to $7m, a 123 week high.

See the whole post on Oreninc here: 

http://www.oreninc.com/orenthink/entry/oreninc-index-above-100-as-financings-rocket

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MasterMetals

@MasterMetals

#Hybrid #Solar Expansion at #B2Gold’s #Fekola Mine $BTO

Optimising energy management at B2Gold's Fekola mine - International Mining 

A recent site expansion has just been completed at B2Gold's Fekola Mine in Mali and while the existing power units provide enough power to support the increase in production, the company sought to reduce its energy costs, cut greenhouse gas emissions, and increase power reliability.

The addition of a 35 MWp solar photovoltaic (PV) plant and 17 MW/15 MWh of energy storage to the existing 64 MW thermal engine plant was decided. This new energy mix is anticipated to save over 13 million litres of fuel, reduce carbon emissions by 39,000 t/y, and generate a payback in just over four years.

…

Integrated hybrid energy solution

In the context of the Fekola mine, which is an off-grid electrical island, the battery is performing a lot of different services simultaneously, including frequency response, voltage support, shifting solar energy, and providing spinning reserves. The energy load is very flat, with a steady consumption rate around 40 MW as the mining equipment is operating consistently, 24/7. However, if an engine trips offline and fails, the battery serves as an emergency backstop. The controls reserve enough battery energy capacity to fill the power gap for the time it takes to get another engine started, and the software inside each inverter enables the battery to respond instantaneously to any frequency deviation.

The reciprocating engines operate most efficiently at 85-90% of their capacity: this is their 'sweet spot'. But if there is a sudden spike in demand, if a little more power is needed, or if mining equipment is coming online, then another engine needs to be run to meet the extra load.

With the battery providing spinning reserves, the engines can be kept running at their sweet spot, reducing the overall cost per kilowatt hour. Moreover, with the solar plant providing power during the day, three to four engines can be shut down over this period, providing a quiet time to carry out preventive maintenance. This really helps the maintenance cycle, ensuring that the engines operate in a more efficient manner.

See the whole article on International Mining here: https://im-mining.com/2021/01/18/optimising-energy-management-b2golds-fekola-mine/

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