South Korea's Hanwha Global, the global division of Hanwha Corp. and KT Corp. announced on Monday that they signed a memorandum of understanding (MOU) to develop smart mining solutions using 5G and LTE communications.
Smart mining utilizes new technologies to improve the efficiency of drilling, blasting, and transportation operations.
The two companies will integrate advanced technologies, including automation, real-time monitoring, data analysis, and artificial intelligence (AI) to optimize efficiency and worker safety.
The initiative is also expected to generate cost savings and environmental benefits.
The MOU outlines plans for further research and development.
The companies will share expertise in smart blasting technology and mine safety solutions, collaborate on integrating their platforms for remote blasting functions, and explore joint ventures in telecommunications, Internet-of-Things (IoT) services, and global market expansion.
The initial focus will be on implementing smart mining solutions in Taebaek City, Gangwon Province, a region with a high concentration of mines.