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Palantir Technologies Inc. (NYSE:PLTR) shares are trading relatively flat during the premarket session on Wednesday.
The company announced today that it has extended its multi-year enterprise agreement with the mining giant Rio Tinto Plc (NYSE:RIO), extending the partnership for another four years.
This agreement ensures Rio Tinto’s continued access to Palantir’s Artificial Intelligence Platform (AIP), further improving the company’s operational efficiency and AI capabilities.
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As an early adopter of Palantir Foundry, Rio Tinto has already built a robust digital twin, or “Ontology,” that serves as a unified data model for critical operations.
The Ontology enables Rio Tinto to use AIP to rapidly develop, test and deploy AI-driven solutions, addressing challenges in areas such as factory operations, geotechnical risk management and unmanned train coordination.
“The Foundry Ontology has made our structured data accessible, and AIP is doing the same for our unstructured data, allowing us to attack pacing issues that were previously considered too complex,” said Bold Bataar, Chief Commercial Officer of Rio Tinto.
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RIO shares are down more than 6% over the past year, according to Benzinga Pro. Investors can gain exposure to the stock through VanEck Steel ETF (NYSE:SLX) and Gabelli ETFs Trust Gabelli Financial Services Opportunities ETF (NYSE:GABF) and VanEck Natural Resources ETF (NYSE:HAP).
For example, in Western Australia’s Pilbara region, Foundry integrates real-time data from hundreds of systems, allowing operators to optimize the route of 53 self-driving trains transporting iron ore. This has led to improved safety and throughput on the rail network.
Meanwhile, at the Oyu Tolgoi mine in Mongolia, the Ontology provides dynamic risk management for one of the world’s most challenging mining environments.
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Palantir’s AIP will enhance Rio Tinto’s ability to manage complex workflows and accelerate innovation across its operations. Both companies expect the AI platform to drive continuous improvements in performance, safety and decision-making in Rio Tinto’s high-stakes environments.
