Innovative startups in mining not easy but it’s now urgent says U.S. expert.
U.S. technology expert, Hal Stillman, says a new approach to boosting productivity at Australian copper mines or developing new ones is needed if the country is to keep up with rising global demand.
Mr Stillman, Director, Technology Development and Transfer for the International Copper Association in Washington, D.C., was addressing the South Australian Government’s recent “Copper To The World” conference in Adelaide.
“There has to be a fundamental rethink about the way research is pushed from idea to implementation in the resources sector,” Mr Stillman said.
“Big ticket automation is only one aspect of the type of innovation that copper will need to get right if the sector is to successfully tackle issues like efficiency, productivity, supply and environmental performance in the coming years. In other words doing things differently.”
“Governments around the world-including in Australia-are supporting mining research and business innovation, but the efforts often don’t go beyond early stage funding, leaving entrepreneurs without follow-on investment or critical links to the resources industry.”
“Startups generally have found it difficult to partner with large miners to really drive new solutions to upstream problems in processing, energy or water.”
One new model according to Mr Stillman is the world’s first copper centric venture fund, Aurus III, now up and running in Chile that’s already committed $35M in both upstream and downstream focused startups.
“Spurring new technologies and innovation faces a mis-match between corporate venturing and managers charged with profitably operating mines in the short term. Innovation in a complex industry requires patience,” Mr Stillman said.
“What is needed is a professionally managed fund that is independent of the mining industry cycles.”
Link to Aurus III
