Rio Tinto Launches Partnership to Boost Mining Tech Innovation

Rio Tinto is setting the stage for a new era in mining innovation by partnering with Founders Factory, a leading global venture studio and start-up investor, to foster the development and commercialization of groundbreaking technologies in the mining industry. With an investment of A$14.4 million over the next three years, Rio Tinto aims to support start-ups focusing on enhancing mine safety, decarbonization, processing exploration, and automation.

This collaboration will see each participating start-up receive a cash investment and an opportunity to join a four-month accelerator program run by Founders Factory. The program is designed to aid in product development and commercialization, marking a significant step forward in integrating innovative solutions within the mining sector.

The Western Australian Government has also joined forces with Founders Factory to invest in nature-tech start-ups, focusing on the preservation and restoration of nature and biodiversity. These combined efforts underscore a commitment to leveraging technology for environmental conservation and industry advancement.

The establishment of Founders Factory's first Australian hub in Perth, supported by partnerships with Rio Tinto and the Western Australian Government, aims to elevate the state's standing in the global innovation landscape. Founders Factory boasts successful operations in major cities worldwide, including London, Johannesburg, Milan, Berlin, Bratislava, New York, and Singapore.

Simon Trott, Rio Tinto Iron Ore Chief Executive, highlighted the significance of technology in the mining industry and expressed optimism about Western Australia becoming the "Silicon Valley of the global mining industry." This partnership offers a platform to build upon Rio Tinto's innovative legacy, exploring new technologies essential for meeting the world's material needs.

The initiative has received backing from the state government, providing local and international start-ups with investment opportunities and support for real-world testing and scaling. This endeavor aligns with Western Australia's goal to foster innovation, economic diversification, and job creation for the future.

Western Australian Premier Roger Cook and Founders Factory CEO Henry Lane both echoed the importance of this partnership in supporting local start-ups, enhancing mining productivity, safety, automation, and contributing to the industry's transition to net-zero emissions. This collaborative effort marks a significant milestone in driving technological innovation and sustainability within the mining sector.