The Weir Group has agreed to acquire Canadian-based global mining technology business, Motion Metrics, for an initial cash consideration of GBP89-million, upon completion, subject to customary net debt and working capital adjustments. Up to a further GBP59-million will be payable in cash by Weir at the end of 2024, depending on revenue and profit performance. The acquisition is expected to be complete in the fourth quarter of 2021.
Mining technology business, Motion Metrics, specialises in AI and Machine Vision applications, which are highly complementary to Weir’s product portfolio. It will join the ESCO division reflecting the early adoption of its technology in ground engaging tools (GET) where ESCO is an established global leader.
Motion Metrics is the market leading developer of innovative Artificial Intelligence (AI) and 3D rugged Machine Vision Technology. Image supplied
Weir Group CEO, Jon Stanton said, “The combination of Weir and Motion Metrics will be extremely powerful and reflects our ambition to play a leading role in mining’s technology transformation. Motion Metrics not only provides access to innovative and highly relevant technology that will accelerate growth in our ESCO division, but it also brings world-class expertise in AI, rugged 3D Machine Vision technology and data science that is applicable across the Group.”
Miners are increasingly focused on improving the safety, efficiency and sustainability of their operations. Motion Metrics has developed proprietary products and solutions that supports these critical ambitions leveraging innovative Machine Vision, distributed AI and machine learning.
The company produces smart, rugged cameras that monitor and provide valuable and timely data on equipment performance, faults, payloads and rock fragmentation. This data is then analysed using embedded and cloud-based machine learning to provide real-time feedback to the mining operation. This enables immediate identification of potential issues that could impact safety and cause expensive unplanned downtime. This includes boulder and foreign body detection to dislodged ground engaging tools that can critically damage crushing equipment if undetected. It also provides information that can be used to optimise asset efficiency, supporting better decision making as miners seek to increase productivity while reducing energy consumption, particularly in areas such as comminution (crushing, screening and grinding), one of the most energy-intensive processes in mining.
These technologies were initially developed for GET applications but have recently been extended into a suite of products and solutions that can be applied from drill and blast through to primary processing.
As part of the agreement, Motion Metrics Vancouver headquarters will become Weir’s global centre for excellence in AI and Machine Vision technology. Image supplied
The company was founded in 1999 by Dr Shahram Tafazoli. In addition to its headquarters in Vancouver, Motion Metrics has offices in Chile, Australia, Brazil, Russia and South Africa. Dr Tafazoli will continue to lead the business when it joins the Weir Group, overseeing the new Weir centre for excellence in AI and Machine Vision technology.
Dr Tafazoli said, “Motion Metrics was established to harness the power of AI and Machine Vision to help the global mining industry make its essential transition to safer, more productive and sustainable operations. Having proven our technology and grown rapidly over recent years, the time is right for us to accelerate our development as part of the Weir Group, which brings access to every major mining region in the world, from pit to plant.”
Looking ahead, ESCO’s focus is on accelerating growth through geographic expansion and the continued extension of its market leading front-of-shovel offering, creating new solutions to support customers’ safety, efficiency and sustainability goals. Motion Metrics is fully aligned to this strategy, including the early realisation of the digitally instrumented smart bucket concept which provides information on bucket and GET health alongside payload and ore fragmentation analysis. Combining ESCO’s deep knowledge of mining operations with the data-led insights from Motion Metrics’ AI capabilities will enable the business to create new solutions that integrate and extend the technological differentiation of its best-in-class offerings across the mine.
Andrew Neilson, Division President of Weir ESCO commented, “This is a perfect partnership. Our customers want more digital solutions to help them improve safety, efficiency and sustainability and providing these is a key part of our growth strategy. Motion Metrics brings patent-protected technology that reduces expensive downtime in GET applications, helping improve ESCO’s differentiated technology offering even further. The additional capability in AI and Machine Vision will also accelerate our expansion into adjacent markets including developing smart eco-system offerings encompassing the load and haul operations of our customers.”