The quest for critical minerals, essential for various industries, has long been an expensive and uncertain endeavor. In 2023 alone, global expenditures on mineral exploration reached between $12 and $13 billion. Despite advancements in geological modeling, the success rate remains low, with only about 0.3% of exploration projects yielding viable mineral deposits. This inefficiency underscores the need for innovation in the field.
Durin, a forward-thinking startup, aims to transform this landscape by integrating robotics into drilling operations. Founded by Ted Feldmann, who hails from a mining family, Durin seeks to address the high costs and labor shortages that plague the industry. Feldmann notes that approximately 70% of capital raised by exploration companies is allocated to drilling, with labor costs constituting about 60% of drilling expenses. The scarcity of skilled drillers in the United States exacerbates the problem, making automation a compelling solution.
To advance its mission, Durin has successfully raised $3.4 million in a pre-seed funding round led by 8090 Industries. Other notable participants include 1517, Andreessen Horowitz, Bedrock, Champion Hill, Contrary, Day One Ventures, and Lux Capital. This financial backing enables Durin to develop its first drilling rig, designed to bore holes up to 300 meters deep and 2.5 inches wide. Initially operated manually, the rig is equipped with an array of sensors to collect data essential for building future automated models. Additionally, Durin is developing a system to automate the loading of drill pipes as the rig penetrates deeper into the earth.
The startup has commenced its inaugural drilling program, aiming to gather sufficient data by year’s end to construct its automation model. Feldmann envisions that within two to three years, Durin’s drill rigs could operate autonomously. While human oversight will still be necessary for tasks such as delivering supplies, monitoring progress, and retrieving core samples, the need for personnel to be physically present around the rig during operation is expected to diminish significantly.
By automating drilling processes, Durin aspires to reduce exploration costs, enhance efficiency, and address labor shortages in the mining industry. This innovative approach has the potential to revolutionize mineral exploration, making it more accessible and sustainable.
