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Rio Tinto (ASX: RIO), a global mining powerhouse, is joining forces with Founders Factory, a leading global venture studio and start-up investor, in a groundbreaking collaboration aimed at catalyzing the development and commercialization of cutting-edge technologies within the mining industry. This strategic partnership underscores Rio Tinto's commitment to pioneering innovative solutions to meet the world's growing demand for essential materials.
Over the next three years, Rio Tinto will invest AU$14.4 million in pre-seed and seed stage start-ups worldwide, focusing on technologies that revolutionize various aspects of mining operations. Key areas of interest include safe mine operations, decarbonization, exploration processing, and automation. Each selected start-up will receive a cash investment and participate in a comprehensive four-month accelerator program conducted by Founders Factory, aimed at nurturing product development and facilitating commercialization.’
The collaboration extends beyond the realms of technology, as the Western Australian Government has also partnered with Founders Factory to support nature-tech start-ups dedicated to preserving and restoring nature and biodiversity. This initiative aligns with Rio Tinto's commitment to sustainability and environmental stewardship, further enhancing its contribution to responsible resource extraction practices.
Founders Factory's expansion into Perth, Western Australia, supported by Rio Tinto and the Western Australian Government, represents a significant milestone in the state's innovation landscape. With successful operations in major global hubs like London, Johannesburg, and New York, Founders Factory's presence in Perth is poised to bolster the region's reputation as a burgeoning innovation hub.
Simon Trott, Chief Executive of Rio Tinto Iron Ore, expressed enthusiasm for the partnership, stating, "Technology has always been at the forefront of our industry, and Western Australia has the potential to become the Silicon Valley of the global mining sector. This collaboration allows us to leverage our innovative legacy to unearth new technologies and enhance our ability to meet the world's material needs."
Western Australian Premier Roger Cook hailed the partnership as a significant win for the state's economy and innovation ecosystem. "Securing Founders Factory for Perth is a testament to our commitment to fostering technological innovation and diversifying our economy. This initiative will create opportunities for local start-ups to gain global exposure and contribute to our ambitious decarbonization goals," he remarked.
Henry Lane, CEO of Founders Factory, expressed excitement about the collaboration's potential to drive productivity, safety, and automation in the mining sector while advancing the industry's transition to net-zero emissions. "This program provides a platform for international and local founders to collaborate with industry leaders like Rio Tinto and scale their innovations for global impact," Lane affirmed.
As Rio Tinto and Founders Factory embark on this transformative journey, the mining industry stands poised to embrace a new era of technological innovation, sustainability, and economic growth. Through collaborative efforts and a shared vision for progress, this partnership promises to revolutionize the way mining operations are conducted and pave the way for a more sustainable future.
