India slashes import tax on gold, silver to tackle smuggling
Local gold prices hit their lowest level in more than three months after the announcement.
The goal is to develop an image algorithm that can classify material in a gold mine as high, medium or low grade ore, or waste.
South African miner Gold Fields (NYSE:GFI) (JSE:GFI) is looking for a math-savvy individual able to develop an new image processing algorithm to classify gold ore.
The winner of the so-called Gold Fields Ore-X innovation challenge will get A$10,000 (a bit over US$7,100), while the second and third places will receive A$1,500 and A$500.
The goal is to develop an image algorithm that can classify material in a gold mine as high, medium or low grade ore, or waste.
There are two parts to the competition: processing images to find features, and then estimating the overall grade (high, medium, low or waste) of each image.
Entries can be submitted beginning today until September 25.
At the end of the competition Gold Fields and partner Glass Terra will ask the top five ranked submissions to submit their algorithm for full assessment.
The winners will be announced Oct. 9, 2015.
For more information visit the Ore-X challenge webpage.
2 Comments
Rod B
This is a bunch of bunk! To hell with Gold Fields if they think an algorithm will defeat the “nugget effect” of gold. That is a-kin to stopping global warming by walking to work and living without a refer…. Very dumb!
What Gold Fields needs is experienced people that know the effect of sampling of gold deposits, and have the experience to tell the company whether they are in peril or not….. You get what you pay for… $10,000 now for a new algorithm, that will fail with a billion-dollar consequence, or $150,000 per year for a geologist with experience that can do a thousand other things in the mean time….kind of like a driver-less car. Go figure!
Rod B
Just one more thing…a fool and his money are soon parted!