Imdex acquires AusSpec

Mining technology company Imdex has boosted its rock knowledge capability after completing the purchase of AusSpec International for a total consideration of $8.5 million.

Founded in 2013, AusSpec provides spectral mineralogy through its aiSIRIS platform – Artificial Intelligence InfraRed Interpretation System.

Imdex chief executive Paul House said AusSpec was a “strong strategic fit” for the company and was consistent with Imdex’s acquisition and development strategies.

Mr House said the aiSIRIS technology would add the ‘mineralogy’ component to Imdex’s rock knowledge offering, which currently addresses location, texture and grade.

He said the technology would also provide critical, real-time data.

“The acquisition provides a compelling opportunity to build on our total rock knowledge offering for clients – from the rig to the core farm and the mill,” Mr House said.

The aiSIRIS technology was co-founded by spectral mineralogy expert Dr Sasha Pontual who, along with other AusSpec personnel, will join Imdex.

The Balcatta-based company will pay AusSpec $3 million in cash and a further $5.5 million in Imdex shares, as part of the deal.

The transaction will be funded by Imdex’s existing cash, which chairman Anthony Wooles said would not place pressure on the strength of the company’s balance sheet.

The deal is expected to complete in late July.

It follows the purchase of New Zealand-based Flexidrill last December, with Imdex paying a total $NZ37 million to acquire Flexidrill’s ‘Corevibe’ and ‘Maghammer’ drilling technologies.

Imdex said the technologies would enable clients to drill faster and obtain more accurate surface data, as well as receive information in real-time.

Shares in Imdex were up 0.9 per cent at 2:35pm AEST to trade at $1.12.