Makor Resources and AUYAN have recently announced that they have received funding from Innovate UK to advance the development, verification, and commercialization of Project Sensr360. This project combines satellite imagery and artificial intelligence to monitor and evaluate the risks associated with investments in capital-intensive industries, particularly in the mining sector.
Mining has been crucial for human progress for centuries, providing essential resources for our modern world. However, the extraction of these materials often comes with significant environmental, social, legal, and safety concerns.
Brooke Bibeault, the Chief Executive Officer of Makor Resources, stated, “As the demand for critical minerals increases with the energy transition, there is a growing need for responsible and sustainable mining practices. Our industry is at a crossroads, and we are seeking innovative solutions to meet the world’s resource demands while minimizing our impact on the environment and local communities.”
Project Sensr360 utilizes satellite imagery, remote sensing technologies, and AI to pave the way for responsible and sustainable mining practices. It provides real-time monitoring and critical insights into the environmental and social impacts of mining activities, which are crucial for responsible energy transition and climate change mitigation efforts.
Alix Leroy, the founder of AUYAN and a key development partner for Project Sensr360, stated, “Our technology allows us to monitor the impact of mining activities over time, detecting potential environmental risks through wastewater monitoring and vegetation change detection. This remote sensing technology, powered by AI, offers a cost-effective and accurate way to assess environmental risks in the mining sector.”
With continued investment and development, this technology can also track the rehabilitation and restoration of natural habitats, ensuring that mining companies meet their environmental commitments. Leroy added, “Remote sensing technology boosted by AI supports automating environmental risk assessment in the mining sector, providing actionable insights in near real-time and with great accuracy.”
Bibeault emphasized the potential of this technology, stating, “Through this project, we aim to raise awareness among the mining industry about the capabilities of such technology and its pivotal role in aiding various mining projects. Satellite data can be used throughout the mining process, from exploration to mine closure.”
Project Sensr360 provides stakeholders with real-time data on land use, degradation, deforestation, water resources and contamination, migration and movement, infrastructure development, safety measures, illicit activity, and permit registration. This information can aid in determining the quality of potential investments and monitoring various environmental, social, and governance (ESG) and corporate social responsibility (CSR) initiatives.
According to Ricus Grimbeek, the Chairman of Makor Resources, the transition from fossil fuels to renewable energy is causing significant changes, and current mineral supply and investment plans may fall short of what is needed. He stated, “Mining, while offering opportunities for socio-economic development and a just energy transition, also presents uncertainties and potential risks that can threaten the sustainability and profitability of investments.”
Grimbeek added, “A significant number of resources required for a just transition are located in Africa, and substantial external investment – both financial and human capital – is needed to enable sustainable extraction. Sensr360’s solution offers investors detailed insights to make informed and responsible investment decisions, providing continuous and real-time monitoring of virtually all activities over a long period.”
Bibeault concluded, “Ensuring the sustainability of these investments is crucial, as they must balance economic goals with environmental stewardship and social responsibility to be viable in the long term.”
According to a report by the World Economic Forum, satellite imagery can unlock over $2 billion in benefits for Africa by tracking changes in water, land, vegetation, and construction. Earth observation with remote sensing has the potential to be one of Africa’s most valuable assets, addressing issues such as water scarcity, coastal erosion, deforestation, food security, and illicit activities.
Project Sensr360 aligns with the global Sustainable Development Goals (SDGs) and promotes responsible investments and industry practices, advancing sustainable development in rural communities and combating climate change.
This solution provides stakeholders with detailed insights and in-depth analysis to make informed investment decisions, ensure compliance with regulatory standards, promote responsible sourcing of minerals, and mitigate potential risks.