In 2023, companies spent $12 to $13 billion on exploration for critical minerals, but success rates remain low, with only three in 1,000 attempts yielding positive results. Ted Feldmann, CEO of Durin, points out that drilling accounts for 70% of exploration capital, driven primarily by labor costs. As labor availability diminishes, Feldmann's company is advancing automation to mitigate costs, having recently secured $3.4 million in funding to develop a new drilling rig with enhanced capabilities.
About 70% of the the capital that exploration companies raise goes to drilling, Ted Feldmann, founder and CEO of Durin, told TechCrunch. Drilling is prohibitively expensive.
Labor is about 60% of their cost. This really comes down to a labor problem. There are not nearly enough drillers in the United States.
Feldmann thinks that much of this work can be automated. To get the ball rolling, Durin has raised $3.4 million in a pre-seed round.
Durin started designing its first drilling rig earlier this year, and it's capable of boring a hole 300 meters deep and 2.5 inches wide.
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