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Palantir Technologies Inc.. (NYSE:PLTR) shares are trading relatively flat in Wednesday’s premarket session.
The company announced today that it has renewed its multi-year business agreement with the mining giant. Rio Tinto Plc (NYSE:RIO), extending the partnership for four more 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 created a robust digital twin, or “Ontology,” that serves as a unified data model for critical operations.
Ontology enables Rio Tinto to leverage AIP to rapidly develop, test and deploy AI-powered solutions, addressing challenges in areas such as plant operations, geotechnical risk management and unmanned train coordination.
“The Foundry Ontology has made our structured data accessible, and AIP is doing the same with our unstructured data while allowing us to attack pacing problems that were previously considered too complex,” said Bold Bataar, chief commercial officer at Rio Tinto.
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For example, in the Pilbara region of Western Australia, Foundry integrates real-time data from hundreds of systems, allowing operators to optimize the routes of 53 driverless trains transporting iron ore. This has improved the safety and performance of the railway network.
Meanwhile, at the Oyu Tolgoi mine in Mongolia, Ontology provides dynamic risk management for one of the most challenging mining environments in the world.
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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-risk environments.