Veracio is a mining technology company that specializes in advanced geological data solutions, leveraging AI and real-time data tools to enhance decision-making in mineral exploration and mining operations.
Can you briefly tell us about yourself and how you became the CEO of Veracio? How does it feel to be a woman in the mining industry?
I started my journey back at Chalmers University in Gothenburg, where I completed my master's degree in entrepreneurship. It was during my time at university that I, along with a colleague, was approached by a drilling company with a challenge. They needed a solution to speed up the drilling process by providing faster analysis of samples in the field. This led to the creation of Minalyze in, 2009 a company focused on solving the problem of waiting for lab results. In 2023, Minalyze was acquired by Veracio, where I now serve as CEO.
Being a woman in the industry hasn’t been something I’ve focused on, perhaps because I’ve been fortunate to work in environments where I’ve felt included from the start The mining industry has always been very respectful, and while there were fewer women in the field a decade ago, I believe my position has allowed me to build valuable networks. I haven't felt that my gender has been an obstacle, and in fact, it might have even helped me in some ways, especially in creating strong professional relationships early on.
What is behind the ‘new era of geoscience’?
What makes today's geoscience different is access to high-resolution, consistent data that was previously unavailable. Before, data was primarily manually collected or sent to labs for analysis, but now, with scanning and sensor technologies, we can gather high-density, consistent data in real time. This advancement has been crucial for AI-driven solutions, as understanding how to utilize AI effectively requires good quality data. Geoscientists play an essential role in applying expertise and domain knowledge to define, validate and maximize the value of AI generated data, rapidly driving forward the industry.
How do you utilize AI at Veracio?
At Veracio, we approach AI by first identifying the specific pain points our clients face. We don't just throw all available data at the problem; instead, we select the most relevant data streams based on the issue at hand. For instance, we worked with a lithium client in the U.S. who struggled to differentiate between ore and waste. We used high-resolution images taken by machines, ensuring consistent lighting and resolution, to develop algorithms that could accurately quantify the ore and waste materials in their samples.
Are Veracio’s offerings agnostic to different ores? Can you share some examples of how you’ve helped mining companies?
Our technology is indeed quite agnostic and can be applied across various types of ore and metals. For example, we helped Foran Mining make the discovery of the Bridge Zone, where zinc, copper, and gold deposits were found through our data, which might have otherwise been missed. We also worked with Fortescue in Australia to improve their bulk density measurements for iron ore using LiDAR technology. This allowed them to obtain more accurate volume measurements, which helped them better assess the tonnage of their deposits.
We have also worked on several rare earth projects. One example involved an exploration project where we initially focused on copper, but our scanning technology revealed higher-than-expected levels of rare earths. The geologists were initially puzzled, but after sending the sample to a laboratory, it was confirmed that rare earth elements were present. This discovery led the exploration company to shift their focus toward rare earths, showing how our technology can uncover hidden resources.
How do you see your technology contributing to increased productivity in the mining industry?
Mining projects are becoming more expensive and time-consuming, but our technology can significantly shorten exploration timelines. By providing rapid mineralogy and geochemistry data within 24 hours, we enable clients to make decisions quickly, avoiding delays that would typically take weeks. This faster decision-making process can cut exploration time in half, potentially saving millions of dollars and speeding up the entire development process.
Have you seen increased interest in your services in recent years, especially given the growing support from governments and rising exploration budgets?
Yes, we have seen significant growth in interest, particularly over the last year. The mining industry's willingness to embrace new technologies has increased, and our ability to provide high-quality data has gained wider acceptance.
We have focused on ensuring that our data is accurate and reliable, and as more clients understand the value of this data, we are seeing greater adoption. The increased focus on exploration and the willingness of governments to fund these projects is certainly contributing to this upward trend.
How does Veracio’s technology help the industry be more sustainable?
Our technology supports sustainability by optimizing the use of resources from the very start of the exploration process. By providing quick insights into the material's composition, we help clients make more informed decisions about drilling, reducing unnecessary exploration and minimizing environmental impact. We also provide data on unwanted elements like arsenic and sulfur, which can inform decisions about mine closure and help with environmental planning. The ability to reduce lab testing and transportation also lowers energy use, contributing positively to ESG goals.
What are the immediate next steps for Veracio?
We have a number of exciting developments in our pipeline, which will soon transition from research and development to full products. This will expand our current capabilities and keep us at the forefront of innovation in the industry. In the coming years, we aim to continue being a leader in this space, pushing the boundaries of technology and ensuring that Veracio remains a key player in the geoscience and mining sectors.
