Rio Tinto selects five mining technology startups for new program

ULAANBAATAR — Global mining group Rio Tinto and startup accelerator Founders Factory have selected five startups for the fifth cohort of their program to develop new technologies for the mining industry, offering them investment and business support.

The newly selected companies are based in the United States, Australia and Chile. They are developing solutions to improve the efficiency of mineral exploration, mining and processing through artificial intelligence, quantum technology, deep sensing, biology and next-generation metals processing. The five startups were chosen from more than 500 applications, bringing the Rio Tinto–Founders Factory global mining technology portfolio to 29 startups.

What technologies are the five startups developing?

The companies in the new cohort are developing technological solutions for different stages of the mining value chain.

Cascade Geomatics (United States) — developing technology to monitor potential geological and ground-stability risks affecting mining and infrastructure.

Fieldstone Bio (United States) — focused on technology that uses biological methods to measure metal concentrations more quickly.

Determininant Materials (United States) — developing technology to rapidly process strategically important metals at the point of extraction and purify them into fine particles.

Blueprint, powered by Imvelo (Australia) — developing a digital platform for economic decision-making in mining project planning and operations.

NanduX (United States, Chile) — working to detect copper deposits and improve exploration accuracy using deep-sensing technology.

Rio Tinto offers startups more than investment, including mine-site testing

A key feature of the four-month program is that startups receive not only funding, but also the opportunity to engage with Rio Tinto’s technical experts and executives, visit the company’s mining operations in Western Australia and test their technologies in real-world conditions.

According to Founders Factory, approximately two-thirds of the startups that have participated in the program have tested their technologies in Rio Tinto’s global operations, are currently doing so or have signed contracts with the company. This suggests that the program is not merely a startup development initiative, but also a commercial channel for bringing new technologies into real mining operations.

Rio Tinto General Manager of Innovation Emily Hilton said the new generation of startups was focused on addressing key challenges facing the mining industry and expressed the company’s interest in working with them to test and eventually scale their technologies.

Mining moves into a new technology cycle

The Rio Tinto–Founders Factory program shows that investment in mining technology is extending beyond conventional extraction equipment to cover a broad range of areas, including mineral exploration, processing technologies, water and waste, new mining models and new materials.

In its official information, Rio Tinto said it is pursuing a strategy of investing in startups and using its technical and commercial expertise to test and develop new technologies from an early stage. The company’s startup program focuses on five main areas: exploration and resource studies; metals processing and recovery; waste and water; new mining models; and new materials.

According to Founders Factory, startups in the program receive cash investment, four months of operational support, access to Rio Tinto’s mining environments and test sites, and connections to its wider investment network.

What does this mean for Mongolia’s mining sector?

The program is not a specific project in Mongolia, but it overlaps with technology areas that could be significant for the country’s mining industry over the longer term. Rio Tinto operates the Oyu Tolgoi copper mine in Mongolia and is one of the major mining groups investing globally in copper production, exploration and new technologies.

However, there has so far been no announcement that any of the five startups’ technologies will be implemented at Oyu Tolgoi. The news should therefore be viewed not as a new project directly linked to Oyu Tolgoi, but in the context of Rio Tinto’s global innovation and mining technology investment strategy. Rio Tinto says it works with startups to test new technologies at an early stage and scale successful solutions across its business.

Key figures

Note: Rio Tinto and Founders Factory have announced investment and support under the program, but have not publicly disclosed the amount to be invested in each of the five new startups.