(Alliance News) - Tribe Technology PLC on Wednesday said that it has signed a joint development agreement with Veracio Australia Pty Ltd to develop a novel system for blast hole chip sampling.
Tribe Technology is a Belfast-based developer and manufacturer of autonomous mining equipment, while Veracio is a technology company focused on orebody knowledge.
Under the terms of the agreement, both parties will develop a new system for chip sampling, incorporating both of their proprietary intellectual property. Tribe Technology said that this would expand the offerings of both parties, including the development of further intellectual property.
However, while the firm is "confident" of future returns from the deal, it said that the board of directors of Tribe Tech "expects any resultant revenues or earnings contribution to the group in the next 12 months to be inconsequential".
"Our strategic partnership with Veracio represents an important milestone in our journey towards becoming the market leader in drilling automation in the mining industry. We are always looking to develop our capabilities and the Agreement with Veracio provides an opportunity for Tribe Tech to expand our offering and capitalise on existing market opportunities," said Chief Executive Officer Charlie King.
Tribe Technology shares were trading 11% lower at 6.00 pence each in London on Wednesday morning.
By Holly Beveridge, Alliance News reporter
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