Wheaton Precious Metals (TSE: WPM) and Foresight Canada are launching the Future of Mining challenge, offering a $1 million prize for groundbreaking technology. This global competition seeks innovations to reduce greenhouse gas emissions and enhance efficiency in the mining sector.
“Mining is integral to every facet of our daily lives, providing the essential materials that are needed for our society. 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,” Wheaton CEO Randy Smallwood said in a news release.
“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 challenge invites cleantech companies from around the world to submit their proposals. This year’s focus is on technologies that can significantly reduce emissions in base and precious metal mining operations and are scalable for global implementation.
By driving advancements in mining technology, Wheaton and Foresight aim to support the industry’s shift toward more sustainable practices and help address the pressing environmental challenges faced by the sector.
Wheaton’s CSO and president Patrick Drouin underscores that despite industry advancements there are still major challenges that need addressing. He stresses the importance of ongoing innovation to ensure that mining practices can meet future demands while minimizing their environmental impact.
Foresight Canada CEO Jeanette Jackson highlights the challenge’s dual goal: finding solutions that reduce emissions and simultaneously boost productivity and profitability in the mining sector.
“By working together, we aim to uncover technologies that will not only enhance environmental performance but also drive economic growth within the industry,” she said.
Applications open on Sept. 18, 2024 and the winner will be announced in March 2025 at the PDAC convention in Toronto.
More information is here.
