Weir to acquire Artificial Intelligence and Machine Vision technology leader Motion Metrics

By MEq November 5, 2021 13:08

The Weir Group has agreed to acquire Motion Metrics, a leading Canada-based global mining technology business, for an initial consideration of £89m1 payable in cash upon completion, subject to customary net debt and working capital adjustments. Motion Metrics is the market-leading developer of innovative Artificial Intelligence (AI) and 3D rugged Machine Vision Technology used in mines worldwide. Its technology helps miners increase the safety, efficiency, and sustainability of their operations. As part of the agreement, Motion Metrics Vancouver headquarters will become Weir’s global center for excellence in AI and Machine Vision technology.

Motion Metrics applications are highly complementary to Weir’s product portfolio. It will join the ESCO division reflecting the early adoption of its technology in ground engaging tools (GET) where ESCO is an established global leader. Motion Metrics AI and Machine Vision capabilities are expected to be leveraged across the whole mining value chain served by the Weir Group.

Jon Stanton, Weir Group CEO said: “The combination of Weir and Motion Metrics will be extremely powerful and reflects our ambition to play a leading role in mining’s technology transformation. Motion Metrics not only provides access to innovative and highly relevant technology that will accelerate growth in our ESCO division, but it also brings world-class expertise in AI, rugged 3D Machine Vision technology, and data science that is applicable across the Group. This acquisition is fully aligned with our strategy and our commitment to grow ahead of our markets, expand our margins and significantly reduce our customers’ environmental footprint.”

Motion Metrics produces smart, rugged cameras that monitor and provide valuable and timely data on equipment performance, faults, payloads, and rock fragmentation. This data is then analyzed using embedded and cloud-based machine learning to provide real-time feedback to the mining operation. This enables immediate identification of potential issues that could impact safety and cause expensive unplanned downtime. This includes boulder and foreign body detection to dislodged ground engaging tools that can critically damage crushing equipment if undetected. It also provides information that can be used to optimize asset efficiency, supporting better decision making as miners seek to increase productivity while reducing energy consumption, particularly in areas such as comminution (crushing, screening, and grinding), one of the most energy-intensive processes in mining.

These technologies were initially developed for GET applications but have recently been extended into a suite of products and solutions that can be applied from drill and blast through to primary processing. Motion Metrics technology is currently used on more than 80 mine sites and its customers include some of the world’s largest mining companies. Its revenues are generated from the initial sale of equipment and subsequent recurring aftermarket revenues including subscriptions to its cloud computing platform, services, and spare parts; a model that is highly complementary to Weir’s aftermarket-based business model.

Motion Metrics will become part of Weir’s ESCO division, with its extensive team of researchers, data scientists and engineers also supporting the increased digitization of the broader Weir product portfolio.