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Seeing Machines Technology Hardware & Equipment (LON:SEE) report: Freeport DSS deployment

Contributed by Daniel Stewart & Company

By Daniel Stewart & Co

- Seeing Machines reports that it received a contract to supply its proprietary DSS driver monitoring equipment to the Grasberg mine in Indonesia, which is owned by PT Freeport Indonesia, a subsidiary of Freeport-McMoRan Copper & Gold.

- The Grasberg mine is the largest gold mine and the third largest copper mine in the world; the open-cast segment crater has a 1-mile diameter. Mining trucks typically weigh some 250-300 tons each and carry up to 350 tons of material. Costing up to $5m, the loss of a truck would be significant both in capital cost and in terms of reduced output.

- Seeing Machines reports that “DSS driver monitoring equipment will be installed in haul trucks operating at the mine, and is being considered for other logistics equipment that operate throughout the property. This initial DSS deployment is designed to address the practical and logistical issues of this remote site and to integrate the DSS within site operations ahead of wider deployments anticipated in the future.”

- As Seeing Machines CEO Nick Cerneaz notes: “This major DSS installation is the first contract within the framework of the new Master Purchasing Agreement signed with Freeport-McMoRan last month (announced 12 February). We believe this new contract provides a strong platform for continued growth of our DSS business across the entire mining industry.”