Codan Limited (ASX: CDA) is well positioned to be at the forefront the AI revolutionising the Mining Industry. Established in 1959 and publicly floated in 2003, Codan have been using engineering and electronics expertise to solve problems ever since. They have a diverse range of products (more than 50 product lines) spanning radio communications, mining, metal detection and counter-mine (land-mine detection), with 85% of our revenue achieved from exports, delivering to 150 countries.With offices in Australia, USA, Canada,Dubai, Ireland, South Africa and China. Their customers include some of the world’s largest and best aid and humanitarian organisations, mining companies, security and military groups and governments. Over the decades, they strive for quality and innovation. In 1980, their equipment was chosen by the United Nations to support their relief efforts in Uganda, therefore becoming the leading global supplier of High Frequency communications to humanitarian organisations. Codans revenue come from three sources Mintec, Minlab and Conan Radio.
Minetec – Minetec is the world’s only single supplier of the enabling tracking and data communications network as well as a purpose built set of software applications addressing both productivity and safety in the underground mining space today. Minetec delivers a truly data-driven reality.
Minetec, a wholly owned subsidiary of Codan Limited (ASX: CDA), has entered into a global licensing and technology development agreement with Caterpillar. Under the terms of this agreement, Caterpillar and Minetec will collaborate to expand and integrate Minetec’s proprietary technology into the Caterpillar technology solution Minestar® for underground and above ground mining operations. Minetec’s proprietary products including SMARTS™ task management, TRAX™ high precision tracking and wireless communications and SafeDetect™ proximity detection, will be integrated into an expanded MineStar® technology solution. These capabilities will be integrated with Caterpillar’s FLEET assignment engine, HEALTH data analytics and COMMAND autonomous operations.
The next steps in the collaboration are to integrate Minetec’s core products into Caterpillars Minestar® product suite before taking the system to Newmont Mining Corporation’s Tanami Gold Mine in Australia’s Northern Territory for proof of integration. Dr Linehan said the expanded MineStar suite was expected to be available within six months. “We’ll use that as a platform and then we’re going to co-develop new technologies and new capabilities to offer the underground mining market over the next number of years,” he said. Caterpillar has an expansive dealer network covering 172 dealers across 190 countries.
Provides situational awareness for underground and above ground mining which enables them to see the locations of other operators and machines. He said he believed the technology would become the industry standard in underground mining within five years. “There is a very significant opportunity to transform the industry and transform the profitability of these mines,” Dr Lienhan said. “Minetec is bringing the enabling technologies for more automated and more efficient underground operation and that starts with the ability to track and communicate. “We’re trying to replicate the kind of accuracy and functionality you get out of GPS and we’re doing it in one of the most austere environments in the world.”
Awareness of Machine speeds Avoidance Zones and Terrain Hazards
Boliden produces metals that make modern life work and are an industry leader in the sphere of sustainable metals production and a dominant player in the recycling of scrap metals. Boliden has 5,700 employees in Sweden, Norway, Finland and Ireland and a turnover of SEK 50bn (AUD $7.7bn). Boliden operations include the world’s most efficient open‐pit copper mine as well as the biggest zinc mine in Europe.
Minetec’s Proximity Detection solution SafeDetect will be first deployed at the Boliden Kevitsa Mine in northern Finland: other site deployments will follow. “This client evaluated Minetec against household names in the business, the GPS based solutions which all miners know, and we were taken through our paces. Not only did we excel in the performance trials, but also in terms of total cost of ownership.” “Additionally and perhaps of more significance, Minetec traditionally felt the key value of our solution was the ability for a single system to coexist above and below ground and this is absolutely valid. Minetec remains the world’s only vendor capable of providing this. Yet this client saw enough value in the ‘surface only’ application to make a selection. This speaks volumes” he added.
Additionally, the SafeDetect system is non‐intrusive and rapidly installs onto any heavy or light vehicle, both contractor and owner operated, autonomous or manned. It is machine agnostic. More importantly, it detects on foot personnel.
For more than 90 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. Customers turn to Caterpillar to help them develop infrastructure, energy and natural resource assets. With 2017 sales and revenues of $45.5 billion, Caterpillar is the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company principally operates through its three product segments – Construction Industries, Resource Industries and Energy & Transportation.
MINELAB The supplier of the world’s best hand held metal detection technology. Codan acquired Minelab Electronics in 2008. Minelab specialise in selling Metal Detectors worldwide with dealers on every continent however a majority of their revenue comes from sales in Africa. They are constantly innovating and have superior market leading products. The range includes gold, treasure and all purpose detectors as well as underwater detection and crime scene evidence recovery detectors. Minelab has developed its unique and superior patented metal detector technology for application in humanitarian landmine demining, UXO clearance and countermine operations.
In 2014 Minelab Electronics Pty Limited (Minelab) experienced a drop in revenue due to counterfeit metal detectors flooding the market from China of subpar quality. Minelab were able to resolve this in conjunction with Chinese authorities and have successfully undertaken enforcement actions against two known counterfeit manufacturers of Minelab products. Each of these organisations has now been prosecuted, resulting in significant fines and fixed-term prison sentences for the individuals involved.
Codan Radio “The Codan Certified Partner Program is an important step to providing fully supported and interoperable radio network solutions to their customers worldwide”, stated Ron Poulin, Vice President and General Manager of Codan’s Land Mobile Radio business unit. “We are committed to open standards and want our customers to know that we stand behind and support the solutions that we sell and deploy”.
Codan specialises and is actively innovating, creating niche and exciting products and technologies for the industries and companies they are partnering with, to ensure long term partnerships with Caterpillar and Australian Defence Force and many others. Codan has an exciting future ahead of itself and is committed to using 9% of capital towards R&D towards the sustainability of its strong business model and innovating for the future.
Codan’s Revenues currently come from 3 divisions:
Conan Radio – Communications – $70.9 million (33%)
MineLab – Metal Detection – $148 million (66%)
Minetec – Automation & Tracking Solutions – $7.2 million (3%)
This is factual information only and does not constitute financial advice, investment in financial assets can cause losses and should be undertaken at your own risk or after seeking professional advice.