Wheaton Precious Metals Launches $1 Million Future of Mining Challenge

Jan 15, 2025 - 7 months ago

Wheaton Precious Metals Corp. is pleased to announce the launch of the inaugural Future of Mining Challenge, which will award US$1 million to a winning venture to advance their technology.

Wheaton Precious Metals Launches $1 Million Future of Mining Challenge — *Pexels/Tom Fisk*

Given Wheaton's diversified global portfolio, the Company is committed to advancing the mining industry's sustainability efforts. This initiative supports innovative technologies aimed at minimizing environmental impacts, improving efficiencies, and contributing to climate solutions, while ensuring key resources are responsibly available for future generations.

"Mining is integral to every facet of our daily lives, providing the essential materials that are needed for our society," said Randy Smallwood, President & Chief Executive Officer of Wheaton. "From the metals used and found in our infrastructure and technology, to those needed for a transition to a low-carbon economy, we continue to rely on the resources from the mining industry. It is critical that we foster innovation and collaboration to improve the future of mining, with a goal of making current practices more efficient and sustainable."

The Future of Mining Challenge invites cleantech companies from around the world to submit and propose industry solutions. This year's challenge focuses on identifying eligible technologies with the potential to reduce greenhouse gas emissions across mining operations. In alignment with Wheaton's business model, the solutions should be applicable for base and/or precious metal mining. They should also be scalable globally, with the aim of future implementation at operating mines. The challenge will be supported by Foresight Canada.

"Wheaton is committed to supporting the industry by advancing technologies and fostering new solutions that have the potential to improve efficiencies at operations and reduce the impact of mining activities," said Patrick Drouin, Chief Sustainability Officer and President of Wheaton Precious Metals International. "As long-term investors, we recognize that while the industry continues to improve, there are opportunities to address key challenges to ensure that mining can sustainably and responsibly deliver the commodities needed for future generations."

"Foresight is committed to supporting the world's largest industries to be more environmentally and economically prosperous through innovation programs with partners like Wheaton Precious Metals", said Jeanette Jackson, Chief Executive Officer of Foresight Canada. "By working together, we will seek to identify solutions whose goal is to not only reduce emissions but enhance the productivity and profitability of the global mining sector. We are excited to see the innovations that emerge."

Submissions for challenge applications opened on September 18, 2024, and the winner will be announced in March 2025 at the PDAC Convention in Toronto, the world's largest mining conference.

Source: Wheaton Precious Metals