Technology firms that have got the attention – and financial backing – of mining major Rio Tinto and its Mining Tech Accelerator partner, Founders Factory, are “rethinking the fundamentals of mining”, according to the London-based investment firm’s mining tech program director, Tamryn Barker.
Barker, who joined Founders Factory last year, said a new group of start-ups chosen by the nine-month-old accelerator included exploration, mining and mineral recovery tech firms based in the USA and Australia. They were Terra AI, Rock Zero, Ekion, Rainstick, Thunderstone and Durin.
The Mining Tech Accelerator kicked off last August and the following month announced investments in US copper extraction technology company Endolith and Cambridge University spinout, Prospectral.
“Thunderstone and Ekion use electric fields to extract metals without excavation — like keyhole surgery for mining – enabling access to orebodies with minimal surface impact,” Barker told InvestMETS.com.
“We’re also seeing exceptional technical talent entering this space.
“Rock Zero, from MIT, is cutting water and energy use in hard rock lithium extraction by up to 70%.
“Terra AI’s founder previously led decision science at Kobold and is now applying AI to drill planning, while Durin is building autonomous drill rigs to accelerate early-stage discovery.
“[And] Rainstick blends deep tech with traditional knowledge, using electric fields to grow native, drought-resilient plants for land restoration.”
Rio Tinto and early-stage investor Founders Factory have jointly backed 12 start-ups to date. They say they are targeting technologies that are “accelerating, optimising and decarbonising the mining value chain. As well as receiving seed capital the start-ups enter a four-month accelerator program, operated by Founders Factory, aiming to help founders identify clear use cases for their technology and pathways to commercialisation with Rio Tinto.
Barker said the start-ups got access to technical mentors and advisors across Rio Tinto asset groups such as exploration and orebody knowledge, processing and engineering, rehabilitation, research and development, and commercial.
“The four-month program seeks to build a partnership framework with testing and validation milestones including sharing samples from Rio mines around the world and a pathway to pilot and on site trials,” she said.
“This serves to validate the technology, open up new use cases and accelerate learning on both sides.
“Ultimately, the start-ups are seeking to engage Rio as a customer and Rio is seeking to help build up their commercial viability.”
Barker said five of the six companies in the original cohort were currently pursuing pilots with Rio Tinto.
