Rio Tinto launches startups for sustainable mining innovation

In October 2024, Rio Tinto, a major mining company, made headlines with its acquisition of Arcadium Lithium for $6.7 billion, positioning itself among the top three lithium miners globally. This strategic move aligns with the growing demand for lithium, essential for electric vehicle batteries, as the world transitions to a greener economy. To further its commitment to sustainability, Rio Tinto partnered with Founders Factory, investing $14.4 million in early-stage startups focused on innovative technologies in mining over the next three years. The mining sector faces significant challenges in reducing emissions while simultaneously increasing production to meet the rising demand for critical minerals. Experts estimate that production of metals like copper and nickel must increase by 200-300% to support the energy transition, while emissions must be cut by 90% by 2050. The CEO of Founders Factory, Henry Lane Fox, emphasized the lack of a comprehensive approach to decarbonizing mining, highlighting the enormous energy consumption and the remote locations of many mining sites. To address these challenges, Rio Tinto and Founders Factory launched the Rio Tinto Mining Tech accelerator, targeting startups with scientific breakthroughs that have yet to be tested in the field. The inaugural cohort includes six startups focusing on technologies related to copper, lithium, and other critical minerals, aiming to explore innovative solutions that can facilitate the industry's transition to net zero. This initiative reflects a broader trend in the mining industry, where partnerships with startups are seen as a pathway to access cutting-edge innovations that can enhance efficiency and sustainability in operations.