SYDNEY: Rio Tinto has announced a strategic partnership with Founders Factory, a leading global venture studio. This collaboration is set to fuel the development and commercialization of pioneering technologies, marking a significant commitment by Rio Tinto to enhance the mining industry’s efficiency and sustainability.

Over the next three years, Rio Tinto will channel A$14.4 million into nurturing global pre-seed and seed stage start-ups.

The investment aims to propel advancements in critical areas such as safe mine operations, decarbonization, exploration processing, and automation.

Participating start-ups are poised to benefit from a cash infusion and a four-month accelerator program led by Founders Factory, designed to accelerate product development and market readiness.

In a parallel initiative, the Western Australian Government has joined forces with Founders Factory to back nature-tech start-ups dedicated to preserving and revitalizing nature and biodiversity.

This dual partnership underscores a shared vision for environmental stewardship and technological progress.

The establishment of Founders Factory’s first Australian hub in Perth, supported by Rio Tinto and the Western Australian Government, is set to elevate the state’s profile as an innovation powerhouse.

With a track record of success in cities like London, Johannesburg, and New York, Founders Factory is poised to replicate its achievements in Western Australia.

Simon Trott, Rio Tinto Iron Ore Chief Executive, envisions Western Australia as the “Silicon Valley of the global mining industry,” citing the region’s advanced iron ore operations in the Pilbara.

The new partnership is expected to unlock novel technologies that will refine the way materials are sourced for global needs.

Western Australian Premier Roger Cook hailed the arrival of Founders Factory in Perth as a “major coup” for the state, offering local businesses a platform to gain international exposure and success.

The government’s commitment to a carbon-neutral economy by 2050 is closely aligned with the support for start-ups driving technological solutions to achieve this goal.

Henry Lane, CEO of Founders Factory, expressed enthusiasm for the collaboration with Rio Tinto and the launch of operations in Western Australia.

He emphasized the potential for start-ups to enhance mining productivity, safety, and automation, while also contributing to the industry’s transition to Net Zero emissions.

This three-year partnership is set to solidify Western Australia’s status as a leader in research and development, fostering economic diversification and the creation of future job opportunities.