Wheaton Precious Metals unveils US$1M tech challenge

Wheaton Precious Metals (TSE: WPM) and Foresight Canada are launching the Future of Mining challenge, offering a US$1-million prize for groundbreaking technology. The competition, which is open to cleantech companies from around the world, 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,” said Wheaton CEO Randy Smallwood in a 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.”

This year’s focus is on technologies that can reduce emissions in base and precious metal mining operations and are scalable for global implementation. Wheaton and Foresight, Canada’s largest cleantech innovation and adoption accelerator, hope to help address the pressing environmental challenges faced by the sector through the challenge.

“By working together, we aim to uncover technologies that will not only enhance environmental performance but also drive economic growth within the industry,” Foresight Canada CEO Jeanette Jackson said. 

Wheaton’s president and chief sustainability officer, Patrick Drouin, noted that despite industry advancements an ongoing push for innovation is needed to ensure that mining can meet future demands while reducing its environmental impact.

Applications open on Sept. 18, and the winner will be announced next March at the Prospectors and Developers Association of Canada (PDAC) convention in Toronto.