TextOres New Software Slashes Mineral Assets Search Time
Securing rights and approvals represents a common challenge throughout any operation. Searching for title information has long been one of the more significant causes of operational headaches. New technology, however, is set to provide some much needed relief for such headaches. What’s especially interesting about this new software is that the software itself isn’t actually new, just its specific application to the minerals industry. The mineral asset and mining industry has been making great strides with an advanced text and data mining software suite used mainly in defense and business intelligence. This precious resource was developed by TextOre, Inc.
The new application of this text mining software suite has been quite successful specifically as it relates to the title search market for mineral assets. Among the chief benefits that this software successfully delivers is the reduction in time required to locate land deeds and county records. This approach has proven to especially helpful with larger projects, those with a large number of plots and subsequent land leases, move forward at a significantly faster pace.
Applying this software also helps to significantly reduce the labor and costs associated with the location of data from land deeds and county records. “This is a game-changer for oil scouts and landmen,” said Eric Yerkovich an independent landman and geologist based in Texas. “This next-generation title search technology will allow oil drillers to get to mineral assets and oil reserves more quickly and cheaply, beating rival companies to the assets in a fraction of the time – and at a fraction of the cost.”
“We’ve been searching and mining detailed information from English and foreign language-based social media and have found relationships among people and events from millions of documents in Chinese, Arabic, or Russian, so why not mine title data on mineral assets from county courthouses?” says Robert Stewart, CEO of TextOre, Inc. “The tests we performed on title data in Texas worked beautifully. The possibilities are endless. Imagine the potential for this type of technology in mining medical records or insurance documents, for example.”
Axora launches global challenge for digital technology
Axora is launching the world’s first international competition to discover new cost-saving digital technology for industrial companies, which can produce rapid benefits within a year.
The Metals & Mining and Oil & Gas sectors have recently experienced budget cuts of 20% on average, driven by a variety of factors including the global pandemic, slump in demand and price wars. The Axora Cost-Saving Technology Challenge aims to transform these industries by discovering innovative, digital solutions that reduce cost fast and pay for themselves, whilst achieving the same or improved productivity, health and safety and sustainability standards.
“While digital solutions can help to get work done quicker and more cost-effectively, they typically require a three-year ROI, and if there’s no flexibility in the budget, a full budget planning cycle is needed to get things moving”, said Dr. Nick Mayhew, Chief Commercial Officer, Axora.
“Yet, extra financial cost is often incurred in delaying digital projects, so customers have asked us to highlight solutions that can have an ‘in year payback’ whereby the cost spent on the solution and deployment will be more than recovered within the budget year - this accelerates the timeline and drives positive business impact, quickly.”
The Axora Cost-Saving Technology Challenge
Axora is keen to learn of any digital cost-saving innovation which: meets the 12-month payback timeframe; can be deployed in any part of the value chain including upstream, downstream or midstream oil and gas, metals processing or mining; and is ready for market. The Axora Cost-Saving Technology Challenge is open to entrepreneurs, start-ups, academics and sector leaders across the world. The competition will be judged by a panel of leading industry experts.
“We’re passionate about supporting our industries and customers through all forms of digital transformation and the cost-saving solutions we are searching for could also provide a lifeline to many mining and metals and oil and gas companies in the current economic climate,” added Dr. Mayhew.
Improving productivity, safety and sustainability
Up to ten finalists will be chosen to pitch their solutions at a digital pitch day later this year, after which Axora will validate the ROI models and vet the solutions. The winner will receive the ‘Axora Market Accelerator’ sales and marketing package worth £10,000. This includes a two-hour workshop, promotion through Axora’s thought leadership content and inclusion into its digital demand engines, providing the opportunity for the winning solution to benefit thousands of industrial companies. Entries are open until May 31. Full details of the competition including terms and conditions can be found here.
To learn more about the Axora B2B digital solutions marketplace read our feature in the latest issue of Mining Global magazine.