Wheaton Precious Metals Future of Mining Challenge
This year, USD $1 million will be awarded to a solution that targets the reduction of greenhouse gases and carbon intensity at base and precious metals mines, with funds being used to help further advance the technology.
2024/25 Focus Area
The Wheaton Precious Metals Future of Mining Challenge seeks to support efficiencies in mining while minimizing its environmental impact. This year, $1 million will be awarded to a solution that targets the reduction of greenhouse gases and carbon intensity at base and precious metals mines, with funds being used to help further advance the technology.
Challenge Background & Objective
Mining is an essential driver of our society, with the raw materials it provides embedded into almost every aspect of modern life. From mined materials used in applications ranging from infrastructure, transportation, electronics, and medicine, to precious metals providing economic stability through tangible stores of value for financial systems, mining’s role will continue to be invaluable in the transition to an innovative, greener, and prosperous economy.
The new annual Wheaton Precious Metals Future of Mining Challenge seeks to support the mining industry in its continued delivery of these essential commodities and materials in a more sustainable manner.
Successful solutions will be focused on the improvement of mining efficiency and production processes that:
- Demonstrate a pathway to scope 1 and 2 emissions reduction;
- Boosting efficiency at existing base metals and precious metals mines;
- Have a clear, actionable path to implementation; and
- Demonstrate a deep understanding of end-user needs and market demands.
The winner of the challenge will be awarded $1 million to continue to advance their technology and will be announced during the PDAC Convention in Toronto in March 2025, the world’s largest mining conference.
Evaluation & Eligibility:
Eligibility Criteria:
- Demonstrate a pathway to scope 1 and 2 emissions reduction
- Applicable to base metal and precious metal mining
- Scalable on a global perspective
- Technology Readiness Level (TRL): 5-7
- Generally, applicants anywhere in the world are eligible to apply
Evaluation Criteria
Eligible applications will be assessed based on the following evaluation criteria and scored by a panel of reviewers.
Impact (40%)
Applications will be evaluated on the technology's potential for significant, cost-effective and timely removal of GHGs and improved production in base metal and precious metals mining, as well as the market opportunity and end-user engagement.
Innovation Opportunity (35%)
Applications will be evaluated on the merits of the technology's overall strengths, novelty, technical feasibility, and adoption, as well as its competitive advantage relative to existing technologies or practices in the global mining industry.
Implementation (25%)
Applications will be evaluated on the technology development and implementation plan, financing plan, and the capacity of the team. This includes evaluating proposals on the current TRL relative to the proposed implementation timeline, project budget, and financial plan, as well as the team's expertise to achieve the proposed plan.
Timeline
Applications Open: September 16, 2024
Informational Webinar: October 8, 2024
Applications Close: November 22, 2024
Finalists Announced: Mid January, 2025
Finalist Pitches: Mid February, 2025
Winner Announced: March, 2025
Additional Resources
Applications are now closed. Watch the informational webinar. Have more questions? Contact us.
About Wheaton Precious Metals
Wheaton Precious Metals is a leading precious metals streaming company, providing shareholders with access to a portfolio of low-cost, long-life mines around the world. Through strategic streaming agreements, Wheaton partners 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 to unlock long-term value for shareholders while supporting the broader mining industry in delivering the commodities society needs through access to capital.
Find Market-Ready Innovation without the Risk
We connect industry with the world's best clean technologies. From agriculture to water to oil and gas, our Challenge program works to connect end-users with cleantech solutions to overcome sustainability and operational hurdles.