Privately held NextOre and a joint venture between CSIRO and RFC Ambrian, MRead, have merged following the completion of an $11 million raise, launching MagnaTerra Technologies.
The new venture intends to use CSIRO’s magnetic resonance sensing to develop sensors that improve humanitarian demining, defence, critical minerals, and broader security markets processes.
MagnaTerra and MRead CEO John Shanahan says landmines are one of the world’s largest unresolved challenges.
“Our technology promises to save lives and restore land to communities faster and more safely,” Shanahan says.
“This merger is a consolidation of world-leading science, engineering and commercial momentum into a single vehicle with global reach.”
This technology is also being used in the cargo sector to detect explosives and narcotics from a molecular state, eliminating the need for employees to open packages or encounter unnecessary radiation.
NextOre CEO Chris Beal says MagnaTerra introduces scalable solutions in the deep tech, sustainability, and security sectors, creating a “compelling” opportunity for investors.
“By enabling 100% ore scanning in real time, our technology makes mines more productive and sustainable,” Beal says.
Fund manager for RFC Ambrian, QCM Fund was involved in the raise, with wealth management group Shaw and Partners’ and individual investors.
RFC Ambrian Chair Rob Adamson believes this new venture fits in naturally with the fund’s direction.
“MagnaTerra is a sovereign tech platform with real revenue, high-impact IP, and clear global applications,” Adamson says.
“The company takes outstanding, world-leading detection technology developed by our national science agency, CSIRO, that has significant potential to improve the economics and reduce the environmental impact of producing copper and other critical minerals as well as important applications in the detection of explosives for humanitarian demining, border security and defence.”
The joint venture will draw on NextOre’s expertise in the minerals sector and utilise MRead’s security, defence, and humanitarian applications.
NextOre’s currently deployed systems allows copper miners, including Lundin Mining (TSX:LUN) and First Quantum (TSX:FM), to reject waste rock near the source to offset declining ore grades and reduce energy, water, and chemical use.
Write to Maddison Elliott at Mining.com.au
Images: MagnaTerra
