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Weir to buy Brazilian mining software provider Fast2Mine
(Sharecast News) - Weir said on Tuesday that it has agreed to by Brazilian mining software provider Fast2Mine for an undisclosed sum.
The engineer said the acquisition complements Micromine's existing suite of mine planning and mine control software and has no impact on its full-year guidance as of 31 July.
Fast2Mine's technology helps miners with material management, mine optimisation, short-interval control, fleet management, and select asset health diagnostics.
Weir said the company's "robust" platform is offered as a SaaS solution comprising of four modules designed around a modern, web-native interface "that prioritises ease of use while delivering advanced reporting functionality".
The platform currently services 84 mines across multiple commodities and countries, such as Brazil, Chile, Argentina, Mexico, Guyana, and Liberia.
Chief executive Jon Stanton said: "The acquisition of Fast2Mine will accelerate our expansion into the South American mining software market, providing a strong and immediate presence in Brazil, home to some of the world's largest mineral deposits.
"Fast2Mine's software platform is a highly complementary addition to Weir's mining software suite, including meaningful synergies with Micrormine's Alastri open pit mine planning solution and adjacency with Micromine's Pitram underground fleet management solution. We are looking forward to welcoming Fast2Mine to Weir and are excited by the opportunity to further accelerate our vision for digitally enabled mine optimisation."
At 1310 BST, the shares were up 0.8% at 2,686.0p.
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