Freeport-McMoRan. has been granted a patent for a method that utilizes historical data and predictive modeling to optimize mining production. The process involves simulating parameter adjustments, forecasting and backcasting production, refining models based on deviations, and adjusting leaching operations to enhance efficiency. GlobalData’s report on Freeport-McMoRan gives a 360-degree view of the company including its patenting strategy. Buy the report here.
According to GlobalData’s company profile on Freeport-McMoRan, Extraction by leaching was a key innovation area identified from patents. Freeport-McMoRan's grant share as of July 2024 was 68%. Grant share is based on the ratio of number of grants to total number of patents.
Optimizing mining production through predictive modeling and adjustments
The granted patent US12067505B2 outlines a method for optimizing mining production through a sophisticated simulation model focused on leaching operations. The process involves a processor that simulates adjustments to various parameters, forecasts mining production before completion, and backcasts to assess expected production against actual outcomes after operations conclude. This method utilizes mining data collected from sensors to refine predictive models based on deviations observed during production. The adjustments made to parameters aim to enhance the efficiency of leaching operations, ensuring that mining production is optimized in real-time.
Additionally, the patent details the incorporation of historical data to train predictive models, which can include a range of information such as ore map data, mineralogy, and irrigation metrics. The method allows for the replacement of forecasting parameters with actual mining production data, further refining the predictive capabilities. The system is designed to run a forecast engine that generates data for mining production targets, and it can adapt to changes in ore routing dynamically. Overall, the patent presents a comprehensive approach to improving mining operations through data-driven simulations and real-time adjustments, enhancing both productivity and resource management in leaching processes.
To know more about GlobalData’s detailed insights on Freeport-McMoRan, buy the report here.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
