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February 23, 2018

Caterpillar signs technology development deal with Minetec

Caterpillar has signed a global licensing and technology development agreement with mining technology company Minetec in order to transform safety and productivity solutions for underground mining applications.

Caterpillar has signed a global licensing and technology development agreement with mining technology company Minetec in order to transform safety and productivity solutions for underground mining applications.

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The partnership will see the integration of Minetec’s technology comprising SMARTS task management, TRAX high-precision tracking and wireless communications and SafeDetect proximity detection into the Caterpillar technology solution, MineStar.

Pursuant to the agreement, the companies will team up to expand and develop the Caterpillar Minestar technology solution for underground and surface mining operations.

“While not expected to deliver material revenue in FY18, this is an important milestone in our strategy to scale the Minetec business.”

In a statement, Minetec’s parent company Codan said: “This agreement recognises the value of the technology developed by Minetec since its acquisition by Codan in 2012.

“While not expected to deliver material revenue in FY18, this is an important milestone in our strategy to scale the Minetec business.”

The previously mentioned Minetec technology products are expected to be integrated with Caterpillar’s FLEET assignment engine, HEALTH data analytics and COMMAND autonomous operations.

The companies expect to sign a partnership deal with Newmont Mining on the development.

Newmont is keen to host the trial of the integrated technology solution at its Tanami operations in Northern Territory, Australia.

The firm will offer operational input from underground hard-rock mining operations as part of its contribution to the planned development of the technology roadmap for the expanded MineStar solution.

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Determine the future strategies for IoT in Mining

IoT can be beneficial across the whole mining value chain, from prospecting to reclamation. The technology allows different assets and people to be monitored and accounted for across vast distances in hazardous conditions.  GlobalData’s IoT in Mining Thematic Research report provides you with an in-depth lens into the impact of IoT on the industry. We highlight both the challenges and opportunities associated with the innovative technology now, and in the future. Our report also covers: 
  • Major players and companies 
  • Market size and growth forecasts 
  • Case studies  
  • Sector scorecard 
GlobalData predicts that the revenue from IoT in mining will grow to reach $1.9 billion by 2025, with a compound annual growth rate (CAGR) of 6.2% between 2020 and 2025. Ensure your company is proactive in adapting strategies and processes to help you remain competitive.   Download the full report to get ahead of the competition
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Enter your details here to receive your free Report.

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