Dig Deep Transforming Exploration Success: The Role of AI-Driven Mineral Systems Models with Equivest Metals
In this episode, we chat with Joanna Ponicka and Erlend Rongen for Equivest Metals, a company that uses AI-driven mineral systems models to pinpoint critical processes needed to form large mineral deposits, aiming to significantly increase exploration success.
We discuss how Equivest was formed, the exploration space and the lack of funding, what it was like being part of BHP’s Xplor programme and how this has helped them as a business.
KEY TAKEAWAYS
- Mineral exploration is inherently difficult due to the limited number of attempts geologists can make, unlike other fields where practice can lead to improvement. This makes it essential to adopt innovative approaches to enhance success rates.
- Despite the significant capital available in the mining sector, early-stage exploration is often underfunded. A shift in investment focus is needed to support the areas that yield the most discoveries.
- Equivest Metals is leveraging AI and machine learning to improve exploration success rates by analysing large datasets and identifying critical geological processes. This technology allows for faster and more accurate assessments compared to traditional methods.
- Participation in the BHP Xplor programme helped Equivest refine its strategy, focusing on improving mineral exploration success rates. The program provided valuable mentorship and resources, enabling the company to test and scale its methodologies.
BEST MOMENTS
"Exploration is actually really difficult... we don't get 10,000 tries. This is what makes mineral exploration such a difficult learning environment."
"What we're trying to do in Equivest is that we're trying to use mineral systems to ask the right questions and answer those questions using AI and data."
"There's more capital going towards brownfield exploration, which is considered safer. But as we see at results of exploration, this is what causing quite low success rates."
"The ability of large language models to search for the right type of meaning within a large body of documents is incredibly powerful."
VALUABLE RESOURCES
Mail: rob@mining-international.org
LinkedIn: https://www.linkedin.com/in/rob-tyson-3a26a68/
X: https://twitter.com/MiningRobTyson
YouTube: https://www.youtube.com/c/DigDeepTheMiningPodcast
Web: http://www.mining-international.org
https://www.equivestmetals.com/
https://www.linkedin.com/company/equivest-metals/
ABOUT THE HOST
Rob Tyson is the Founder and Director of Mining International Ltd, a leading global recruitment and headhunting consultancy based in the UK specialising in all areas of mining across the globe from first-world to third-world countries from Africa, Europe, the Middle East, Asia, and Australia. We source, headhunt, and discover new and top talent through a targeted approach and search methodology and have a proven track record in sourcing and positioning exceptional candidates into our clients' organisations in any mining discipline or level. Mining International provides a transparent, informative, and trusted consultancy service to our candidates and clients to help them develop their careers and business goals and objectives in this ever-changing marketplace.
CONTACT METHOD
https://www.linkedin.com/in/rob-tyson-3a26a68/
Podcast Description
Rob Tyson is an established recruiter in the mining and quarrying sector and decided to produce the “Dig Deep” The Mining Podcast to provide valuable and informative content around the mining industry. He has a passion and desire to promote the industry and the podcast aims to offer the mining community an insight into people’s experiences and careers covering any mining discipline, giving the listeners helpful advice and guidance on industry topics.