Reflecting on idoba’s year of innovation and growth in mining technology
2023. What a year it’s been! Here are idoba’s highlights.
Across the industry, miners have been battling to balance high demand with the challenge of skill shortages and the complexity of ESG expectations.
Technology is part of the solution. When we talk to customers, we hear growing interest in how tech can help and growing excitement about our DiiMOS™ platform and products.
Against this backdrop, we’ve been growing and hiring, delivering products and results for our clients.
Here are a few of our most memorable moments from 2023.
idoba products in the market
A recent highlight was roll-out of Mine Performance Navigator (MPN) to all 12 of Barminco’s underground mining sites in Australia.
MPN is an industry game-changer. Powered by a cutting-edge deep learning model, it provides accurate forecasts and answers to mine operators’ most pressing questions. We rolled it out in just four weeks and its deployment reflects the unique benefits idoba enjoys as part of the Perenti Group.
The in-house collaboration with Barminco means idoba can field-test and refine its solutions in challenging, real-world environments. That’s a huge advantage that most technology companies just don’t have.
IMARC 2023 was another highlight. At the event, we showcased a new VR model built on Gemini, our powerful 3D mining fleet simulation tool.
Mine managers donned Meta Quest VR headsets for a hands-on test-drive of our latest mine simulation model to see how Gemini provides an easy and cost-effective way to de-risk projects. By testing a mine design or modelling truck queuing and idling times in a digital twin, mining professionals can accurately simulate scenarios before committing capital, comparing options before they hit the ground.
Dynamic Driver Modelling (DDM) was our first product in market and this year we’ve made it even faster and easier to get started by launching DDM quick-start templates for some of the most common mining activities.
DDM is designed for mine managers and engineers to model throughput, forecast physicals and ‘what-if’ the future quickly, easily and all by themselves. Whether it’s a pre-feasibility model or an in-production, operational forecast, DDM is already delivering the answers people need to make better decisions.
In all, idoba invested more than 77,000 hours in product development during 2023.
idoba delivering dramatic results for customers
Bringing cool, powerful tech to market is one thing, but does it work? Does it deliver for customers?
Yes, it does and 2023 saw some great customer success stories:
$27 million extra annual throughput found for a top mine in just six weeks.
$10 million NPV upside identified at planning stage for a flagship gold mine
$1 billion boost to throughput, quality and income for an established iron mine.
And those are just some of the 221 projects that idoba has worked on in 2023 – a total of over 70,000 hours delivering great value for clients.
You can read more of our customers’ successes, here.
Growth and diversity – our amazing hires
Launching new products and delivering for clients are only possible with talented people.
In 2023, we made 30 fantastic new hires including 9 software developers, 8 orelogy mining consultants and 8 people leaders including our Chief Operating Officer, Matt Chan.
In keeping with our diversity goals, 38% of our new hires and 50% of our new leaders were female. That includes a couple of fantastic new tech leaders.
With even more talent on board, idoba is well placed for an even more successful 2024.
So, what lies ahead?
Many of mining’s biggest challenges will be the same in 2024. According to EY’s list of Top 10 risks for mining and metals in 2024, ESG and license-to-operate issues – along with concerns over capital funding to meet demand – will be top of the list.
Australian business investment recently reached an eight-year high “led by a 5.6% increase in the mining sector”, according to the Australian Bureau of Statistics. But, on the other hand, a global economic slowdown is making demand for resources less certain.
Mine operators everywhere will need the tools to make better, faster decisions that improve throughout and profitability, and help respond to a dynamic operating environment.
That’s our sweet spot and 2024 will see our investment in core products continue to grow. Stay tuned for more announcements throughout the year and let us know what you think. Innovation can’t blossom in a vacuum and idoba thrives on co-creation.