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Palantir Technologies Inc. (New York Stock Exchange:Belter) Shares are trading relatively flat in Pre-market session on Wednesday.
The company announced today that it has renewed its multi-year corporate agreement with the mining giant Rio Tinto (New York Stock Exchange:Rio), extending the partnership For an additional four years.
This agreement ensures Rio Tinto’s continued access to Palantir’s Artificial Intelligence Platform (AIP), enhancing the company’s operational efficiency and AI capabilities.
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As an early adopter of the Palantir Foundry, Rio Tinto has already built a powerful digital twin, or “Ontology,” that serves as a unified data model for critical processes.
Ontology enables Rio Tinto to leverage AIP to rapidly develop, test and deploy AI-driven solutions, addressing challenges in areas such as plant operations, geotechnical risk management, and unmanned train coordination.
“Foundry Ontology has opened up access to our structured data, and AIP does the same for our unstructured data while enabling us to attack speed problems that were previously considered too complex,” said Bold Batar, Rio Tinto’s Chief Commercial Officer.
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according to Benzinga ProRIO stock has lost more than 6% in the past year. Investors can gain exposure to the stock through the VanEck Steel ETF (NYSE:SLX) and Gabelli Trust ETFs Gabelli Financial Services ETF (New York Stock Exchange:GABF) and Van Eyck Natural Resources Fund (New York Stock Exchange:Hap).
For example, in Western Australia’s Pilbara region, Foundry is integrating real-time data from hundreds of systems, allowing operators to optimize the routing of 53 driverless trains transporting iron ore. This has improved safety and productivity on the railway network.
Meanwhile, at the Oyu Tolgoi mine in Mongolia, Ontology provides dynamic risk management for one of the world’s most challenging mining environments.
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Palantir’s AIP system will enhance Rio Tinto’s ability to manage complex workflows and accelerate innovation across its operations. Both companies expect the AI platform to lead to continued improvements in performance, safety and decision-making in Rio Tinto’s high-risk environments.
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