How did the past year unfold for INCIMMET?

The year 2023 marked the 30th anniversary of our company, showcasing our long business journey. In December 2022, we secured a contract with Minera Poderosa to construct a 7 km tunnel through horizontal excavation. In February 2023, we closed another significant contract to provide Compañía Minera Raura with a comprehensive service for Cemented Rock Fill (CRF), our company’s specialty. 

In the early months of 2023, we experienced political and economic turbulence in Peru, and heavy rainfall caused by the Yaku cyclone affected some of our operations. However, in 2023, we developed over 40 km of mine development and 1 km of raise boring. We also successfully sold four specialized consulting services related to mine backfill, and we aim to strengthen this area in 2024. 

How has the company's international expansion progressed?

In Colombia, we have been forced to navigate significant instability and volatility. The mining sector in this country has great potential but is relatively small, with few participants, making it susceptible to political issues. In 2023, the mining industry was affected by political instability and a lack of clarity in government policies regarding natural resources, leading to a decline or delays in investments by mining companies. However, for 2024, we anticipate a positive change as foreign investments learn to adapt to political uncertainty.
In 2023, we adopted an aggressive strategy in Chile and Mexico. We have established a strong presence in these markets with a consolidated business structure and full-time commercial advisors and anticipate an increase in leads for 2024. 

Can you remind our audience of the concept of mine backfilling?

Mine backfill is one of the most specialized services in our portfolio and involves hydraulic fill, hydraulic cemented fill, paste fill, and cemented rock fill. When minerals are processed, tailings are generated as byproducts. Traditionally, these waste materials are deposited in surface tailings dams. However, our specialty involves taking these tailings into the mine instead of depositing them on the surface. 

The process involves classifying and processing the tailings so that, when mixed with water or cement, they become a material that can be used as fill inside the mine. We also developed the Cemented Rock Fill (CRF) in Peru and Colombia, which is the classification of fracture rocks from the blasting process mixed with cement. All these fillings contribute to the support and fortification of the underground mine. Depending on the mixture of materials, it can acquire properties similar to concrete. We are experienced in designing mixtures that meet the required strength levels for each type of rock in the mine. 

Can you elaborate on the benefits of mine backfilling?

Mine backfilling plays a crucial role in increasing production speed. If the empty spaces resulting from mineral extraction are not adequately filled, the production cycle cannot continue. Furthermore, this approach allows for the reuse of waste generated during extraction, reducing the need for the expansion and construction of new tailings dams, thereby reducing associated costs and procedures.

Can you tell us about the innovation awards you won in 2023?

Last year, we won awards from the National Society of Industries and the National Society of Mining and Petroleum. We also won an acceleration process for our FreeRocks technology in Chile, as if it were a startup. FreeRocks is a system that utilizes a drone, a thermal camera, and an advanced intelligent algorithm to predict and prevent rockfalls in underground mines. Our technological developments, made in-house, are in the process of obtaining patents to make them available to the entire industry across various countries.

In the first half of 2024, we will launch an open innovation program, allowing participants in the mining industry worldwide to collaborate with us to address security and productivity gaps in the industry through technology.

What can we expect from INCIMMET in 2024?

We expect to secure our first contracts in Chile and Mexico, alongside further opportunities in Peru and Colombia. In Peru, we expect to reach a cruising speed with our new contracts while consistently driving internal innovation projects to remain cost-competitive. In 2024, we will encounter further challenges arising from the political situation in Peru. Although the conflict is dormant now, the potential for eruption persists, which can cause instability in the mining sector. Despite social and political challenges, we remain optimistic about the future and are accustomed to navigating complexities.