Bridging the cleantech deployment gap

The mining sector plays a crucial role in powering modern economies, providing essential materials for industries ranging from construction to electronics and renewable energy. However, as the world confronts the challenges of climate change and the demand for metals and minerals rises with the adoption of cleaner technologies, the mining industry is increasingly recognizing the need to reduce its environmental footprint. This balance between resource extraction and sustainability has driven a search for innovative technologies that can help decarbonize the sector. The Wheaton Precious Metals Future of Mining Challenge, supported by Foresight Canada, aims to catalyze cleantech solutions that target a reduction of greenhouse gas emissions at base and/or precious metals mining operations. 

While cleantech innovation is advancing rapidly, there remains a significant adoption gap — particularly in industrial sectors like mining, where the risks and costs associated with deploying new technologies can be high. While several mining companies are embracing new technologies and procuring or developing renewable power, many mining companies face barriers when it comes to integrating innovative solutions into other aspects of operations, even when those solutions have the potential to make a substantial impact on emissions reduction. In several cases, solutions exist but are not yet commercialized, in other cases, the solutions are still nascent. This is where collaboration between industry leaders and the cleantech accelerators becomes vital.

Supporting innovation

Through the Future of Mining Challenge, Wheaton Precious Metals is seeking to support cleantech innovators developing technologies aimed at or applicable to decarbonizing the mining industry and are targeting solutions with a clear, actionable path to implementation and a deep understanding of end-user and market demands. Foresight was selected as the Future of Mining Challenge delivery partner based on its proven ability to run innovative challenges and its extensive experience in assisting cleantech innovators with navigating the early-stage hurdles of commercialization. From scaling technology readiness to establishing market fit, Foresight helps innovators realize their potential and enables industries to connect with technologies that not only improve efficiencies but are innovative, scalable, and practical for real-world deployment.

A USD $1 million incentive for cleantech innovators

The winner of the Wheaton Precious Metals Future of Mining Challenge will be awarded USD $1 million to continue advancing their technology and will be announced at the Prospectors and Developers Association of Canada Convention in March of next year. This financial incentive is critical for cleantech startups, which often face funding gaps as they develop their technologies.

While many innovations may show promise in controlled environments or pilot projects, they require significant capital to move from Technology Readiness Level (TRL) 5-7 to full-scale operational use. The prize not only provides essential financial support but also signals the market a clear commitment from the industry to accelerate the deployment of cleantech solutions. By offering this funding, Wheaton Precious Metals is looking to raise the profile of innovators and help bridge the scalability gap, allowing them to refine and test their technologies in real-world mining environments.

Accelerating cleantech deployment for a low-carbon future

The Future of Mining Challenge is also creating a pathway for cleantech innovators to provide solutions for one of the world’s most resource-heavy industries. Mining is essential for the production of critical minerals used in clean energy technologies — such as wind turbines, solar panels, and electric vehicles — yet it is also a significant contributor to greenhouse gas emissions. The ability to decarbonize mining operations is an essential step toward creating a truly sustainable transition to a low-carbon economy.

The Future of Mining Challenge aims to support mining companies to meet the growing global demand for critical resources while minimizing their environmental impact. In identifying potential solutions and supporting their development, Wheaton Precious Metals seeks to support the mining industry in adopting new technologies quickly and efficiently, ultimately reducing the carbon footprint of mines without compromising productivity or economic viability. 

Building long-term, sustainable partnerships

Meaningful partnerships between industries and innovators are essential for achieving long-term sustainability goals, allowing innovators to refine their solutions to meet the specific needs and challenges of real-world operations, ensuring that the technologies developed are not only sustainable but also commercially viable.

Accelerators also play a critical role in connecting industry leaders with a pipeline of vetted technologies, making it easier for companies like Wheaton Precious Metals to support innovation, de-risking the process and helping to accelerate the pace of change in the emissions-intensive industries.

This Challenge is supporting mining innovation, driving forward the technologies that will aim to help decarbonize mining and ensure a more sustainable future for the industry and for the planet.

Learn more about the Wheaton Precious Metals Future of Mining Challenge.

Think you have a solution? Apply by November 22.