LONDON: Tribe Technology PLC (AIM: TRYB) it has entered into a joint development agreement with IMDEX Ltd to safely find, define, and mine orebodies with precision, speed and efficiency.
IMDEX provides an integrated range of drilling optimisation products, cloud-connected rock knowledge sensors, and data and analytics to improve the process of identifying and extracting mineral resources for drilling contractors and resource companies globally.
Its unique end-to-end solutions for the mining value chain span four portfolios: Drilling Fluids, Drilling Optimisation Technology, Rock Knowledge Sensors, and Software, which provides the IMDEX platform that merges these key silos.
While the agreement does not involve any minimum or guaranteed revenues for the Group, Tribe Tech and IMDEX will seek to work together to develop future technology, including through integration of both parties’ unique services, offerings, and experience.
Tribe Tech’s proprietary technology is designed to improve productivity, reduce costs, and improve safety across the global industry. With the smart mining sector expected to reach US$23.05 billion by 20281, Tribe Tech is well positioned to be a market leader in automated drilling.
Charlie King, Chief Executive Officer at Tribe Tech, commented: “Our strategic partnership with IMDEX represents an important step in our journey towards becoming a market leader in drilling automation in the mining industry. We are always looking to enhance our offering and the Agreement with IMDEX provides an opportunity for Tribe Tech to add compelling new features to further capitalise on existing market opportunities.”
Paul House, Chief Executive Officer of IMDEX, added: “IMDEX pioneered the transition of many of our technologies from specialist service provider operated systems to driller operated. With Tribe Tech we are taking first steps in the transition for these technologies from driller operated to machine operated systems.”
Tribe Technology raises £1.41 million through a combination of fundraising activities