Chemicals and mining explosives company Orica has paid $260 million in cash to buy Axis mining technology.
Axis is a privately held company that has developed a geospatial tool which will help miners explore, extract and refine material from ?mine to mill.?
Orica has funded the deal following a $650 million institutional share placement.
Orica?s shares went into a trading halt on Wednesday morning ahead of the deal.
Orica says the Axis geospatial technology will accelerate Orica?s capabilities to support new mineral discoveries required for decarbonisation .
This is because new mineral discoveries are increasingly located at greater depths and demand more precise geophysics.