Imdex picks up stake in geoscience player

MINING technology company Imdex has paid A$5.5 million for an initial 30% stake in Datarock Holdings.
Imdex picks up stake in geoscience player Imdex picks up stake in geoscience player Imdex picks up stake in geoscience player Imdex picks up stake in geoscience player Imdex picks up stake in geoscience player

Staff reporter

Datarock has extensive geoscience and data science expertise that has led to the development of a cloud-based platform, which applies artificial intelligence (AI) and machine learning (ML) to automate the extraction of geological and geotechnical information from core imagery, videos and point clouds and create high-value datasets.

Datarock's product suite, both existing and planned, complements Imdex software offering and strengthens the company's existing cloud-based platform to deliver real-time rock knowledge answer products.

Imdex has an exclusive option to acquire the remaining interest in Datarock over the next four years in a two-tranche process, subject to Datarock achieving agreed strategic milestones.

Datarock is owned by two private companies, Solve Geosolutions and DiUS Computing.

During FY21, Datarock generated circa $2 million of revenue from software and consulting services.

It has processed over 5 million metres of customer core since inception and has retained the right to apply the learnings derived through its AI/ML analysis.

"The Datarock team and the products they have built, are strongly aligned with our strategy, our existing product offering and our value proposition for clients," Imdex CEO Paul House said.

"Data collected by geologists and engineers inform operational and financial decisions throughout a mine's life cycle. This data is commonly collected manually, which is slow, laborious and can be prone to human error. Datarock aims to eliminate this error and deliver high quality and auditable data that provides value for the entire life of the mine.

"We are looking forward to working with the Datarock team. Its members are experts in the field of geoscience, data science and AI, and like Imdex, have a drive for developing technologies to solve the mining industry's biggest challenges."

Imdex shares opened 0.3% higher at $2.95, close to an all-time high.