In the quest for new sources of essential minerals, the financial stakes are incredibly high. In 2023, global investments in exploration reached a staggering $12 to $13 billion, highlighting the significant costs involved in this industry.
The reality of mining is that it often resembles a gamble. Despite the use of sophisticated geological models to identify promising sites, the success rate remains dismally low, with only about three out of every 1,000 exploration attempts resulting in a viable mineral deposit. To confirm their theories, prospectors must drill deep into the Earth, extracting rock cores to validate their findings.
“Approximately 70% of the funds raised by exploration firms are allocated to drilling,” stated the founder and CEO of a pioneering startup in the field. “The expenses associated with drilling are extraordinarily high.”
With a background rooted in mining, the CEO is now integrating robotics with drilling technology to reduce these costs significantly.
In the realm of mineral exploration, drilling is often outsourced to specialized contractors, whose expenses are heavily influenced by labor costs. “Labor constitutes about 60% of their overall expenses,” the CEO explained. “This is fundamentally a labor issue, as there is a severe shortage of skilled drillers in the United States.”
Typically, a drilling site operates with two to three personnel. One or two team members are responsible for supplying the rig with necessary materials, while the remaining individual manages the machinery. “The operator listens to the rig and interprets the sounds and readings from various gauges to assess the type of rock being drilled through, making adjustments as needed,” the CEO elaborated.
Believing that much of this process can be automated, the startup has successfully secured $3.4 million in a pre-seed funding round led by a prominent investment firm, with participation from several other notable investors.
Earlier this year, the company began designing its inaugural drilling rig, which is engineered to bore holes up to 300 meters deep and 2.5 inches wide. While it is currently operated manually, it is equipped with sensors to collect data that will inform the development of future automated systems. Additionally, the company is creating a mechanism to automatically load pipes as drilling progresses deeper.
The startup is set to launch its first drilling program, and by year’s end, the CEO anticipates having sufficient data to initiate the automation model. Within the next two to three years, they envision a future where drilling rigs can operate autonomously.
While human presence will still be necessary on-site, the role will shift to delivering supplies, monitoring operations, and collecting core samples at the end of each day.
“Our goal is to eliminate the need for personnel to be stationed around the rig while it is in operation,” the CEO concluded.
The author of this article is a seasoned climate journalist with experience across various prestigious publications. He has also contributed to academia as a lecturer and has been recognized with a fellowship for his work in climate technologies and journalism innovation.