Collaboration to develop digital mining services
30 August 2022
Sumitomo Corporation has made an investment in the technology company idoba Pty, which operates in the mining sector.
The agreement states that Sumitomo will acquire 10% of the issued shares in the digital transformation service business of idoba, part of Perenti Global, for a total of US$5.4 million.
Under the terms of the agreement, Sumitomo and idoba will jointly develop digital mining services, including mining process optimisation and carbon footprint management.
In addition to this, Sumitomo says that the investment is expected to help idoba substantially accelerate its business plan, strengthen access to technology partners, and gain access to a broader global customer base.
Mark Norwell, CEO of Perenti, said, “idoba was launched in July last year and since then we have invested in the expansion of its capabilities and services, including the implementation of appropriate corporate governance structures to support its continued growth.
“This investment by Sumitomo is recognition that in just a short time we have already built a great business capable of delivering very high-quality outputs, underpinned by great people and robust structures that will support the rapid increase in scale.”