Wheaton Precious Metals Corp. (Wheaton) is excited to announce the launch of its inaugural ‘Future of Mining’ Challenge, a US$1 million competition aimed at rewarding a groundbreaking venture that pushes the boundaries of mining technology. This initiative underscores Wheaton’s commitment to advancing the mining industry’s sustainability efforts, aligning with its diversified global portfolio.
The challenge emphasizes the crucial role mining plays in our daily lives, providing the essential materials that power our society, from infrastructure and technology to the transition towards a low-carbon economy. Randy Smallwood, President and CEO of Wheaton, highlights the importance of fostering innovation and collaboration within the industry to improve efficiency and sustainability, stating, “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 worldwide to submit their cutting-edge industry solutions. The focus this year is on identifying technologies that can effectively reduce greenhouse gas emissions across mining operations. In line with Wheaton’s business model, these solutions should be adaptable for base and/or precious metal mining and possess the potential for global scalability, ultimately aiming for implementation at operating mines. Foresight Canada will lend its support to the challenge.
Patrick Drouin, Chief Sustainability Officer and President of Wheaton Precious Metals International, emphasizes Wheaton’s commitment to supporting the industry by fostering innovative solutions that can enhance operational efficiencies and minimize the environmental impact of mining activities. He emphasizes the importance of long-term investment and the opportunities to address critical challenges, ensuring the responsible and sustainable delivery of essential commodities for future generations.
Jeanette Jackson, Chief Executive Officer of Foresight Canada, underscores Foresight’s dedication to supporting the world’s largest industries in achieving both environmental and economic prosperity through innovative programs with partners like Wheaton Precious Metals. She states, “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.”
The call for challenge applications opens 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.
Wheaton Precious Metals is a leading precious metals streaming company, dedicated to providing shareholders with access to a high-quality portfolio of low-cost, long-life mines around the world. Through strategic streaming agreements, Wheaton collaborates with mining companies to secure a portion of their future precious metal production. Committed to responsible mining practices, Wheaton utilizes industry-leading due diligence practices, aiming to unlock long-term value for shareholders while supporting the mining industry in delivering essential commodities for society.
Foresight Canada is committed to empowering the world to achieve more with less, sustainably. As Canada’s largest cleantech innovation and adoption accelerator, they connect public and private sectors with the world’s most advanced clean technologies. Foresight simplifies and de-risks the adoption of solutions that boost productivity, profitability, and economic competitiveness, addressing urgent climate challenges. They are well-positioned to spearhead the green economic transition, having supported over 1,280 companies, generating $511 million in revenue and $1.77 billion in capital support, conducting over 60 industry challenges, creating over 8,760 green jobs, and achieving a projected reduction of over 70 million metric tons of GHG emissions.
