Powering innovation in mining: NextOre announces significant funding
Sydney-based company NextOre has recently completed a Series B growth funding round of $5.2 million.
NextOre is set to revolutionise the mining industry, through their world-leading magnetic resonance technology.
The NSSN originally worked closely with NextOre to locate a skilled team in advanced robotics and brokered a research translation relationship with the UTS School of Mechanical and Mechatronics Engineering.
Co-Director of the NSSN, Professor Julien Epps congratulated the company on the latest chapter in a growing story.
“Everyone at the NSSN would like to share their congratulations with NextOre on their recent funding announcement.
“NextOre has been on a fascinating journey that is set to get even more exciting. We were delighted to work with the team and NextOre represents the great possibilities of combining world-leading sensing technology with talented researchers to create a lasting impact.
"NextOre is now working all over the world to enhance the mining industry and we cannot wait to see their continued progress.”
Formed in 2017, NextOre has rapidly grown to be a differentiated supplier and leader in the emerging field of advanced sensors applied to mine production. NextOre is a portfolio company of CSIRO that is using magnetic resonance sensors to drive significant environmental and commercial benefits in the mining sector.
The technology benefits from highly precise measurements without the use of ionising radiation commonly used in other types of sensors.
By measuring mineralogical content in seconds with industry-leading precision, miners can identify and separate waste from good ore in real time. With commercial contracts in Chile, Zambia, the Philippines and Australia, NextOre’s products have been deployed by global copper producers to increase efficiency and reduce energy, water and chemical usage and waste.
In 2022, the largest bulk sorting systems ever built at First Quantum Minerals’ Kansanshi mine in Zambia were tested and demonstrated to work at the scale of the world’s largest copper mines. NextOre’s analyser products are being deployed for real-time mineral detection of ore either on conveyors or carried in mining haul trucks.
Funding from the series B capital raising will be used to support the working capital requirements for growing orders of bulk sorting systems along with increasing staffing across the business to scale with growing opportunities and to apply bulk sensing and sorting solutions more broadly in iron ore, gold and nickel mines.
In April the NSSN wrote about NextOre’s technology which you can read here.
For further information on NextOre please visit: https://nextore.com.au/our-company/