Rio Tinto Group (LSE: RIO) (ASX: RIO) is opening a new research facility at Imperial College London focused on developing more sustainable methods of mining, mineral extraction and material processing.
The Anglo-Australian mining giant announced Tuesday that it will invest $131.8 million over the next 10 years in the Centre for Future Materials research facility. Construction of the centre will begin later this year and the first research programs will start in 2024.
“All aspects of human society rely on materials – from housing to transport, energy, communications and health. We need to create sustainable ways to extract, process, and reuse these resources,” said Mary Ryan, Vice Provost for Research and Enterprise at Imperial College London.
The two organizations say they will define a set of major global challenges that need to be addressed through the partnership and work with a select number of academic institutions throughout the globe to address those issues. The funding from Rio Tinto will be distributed over the course of a 10-year period.
The hub will be directed by Jan Cilliers, Chair in Mineral Processing from the school’s Department of Earth Science and Engineering. The key partners for the new research facility will be announced in the coming months.
The new centre will focus on developing more environmentally and economically sustainable methods of producing, using and recycling vital materials like rare earth elements (REE) and critical minerals and will follow the principles of Imperial College London’s Transition to Zero Pollution Initiative. The initiative is primarily concerned with addressing climate change, biodiversity loss and pollution from chemicals.
“Imperial College London is one of the world’s leading institutions focused on science and engineering – I cannot wait to see the progress we make, as we bring together the best of industry and academia, with shared ambition,” said Rio Tinto’s CEO Jakob Stausholm.
We are launching a new Centre to make material extraction more sustainable as part of the global transition towards renewable energy.
The @RioTinto Centre for Future Materials will transform the way vital materials are produced, used and recycled ♻️https://t.co/kPdgmNko24
— Imperial College London (@imperialcollege) July 31, 2023
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Global leaders take strides toward green mining
In Canada, the government has allocated $1.5 billion for critical minerals projects throughout the country with a particular focus on copper, nickel, lithium, graphite, cobalt and REE.
The United States has also committed US$250 million to processing critical minerals necessary for electric vehicles and other technology through a joint partnership with Canada announced at the end of March.
In Australia, the country’s Minister for Resources Madeleine King emphasized the importance of these critical commodities as well.
“To decarbonize and get to net zero, we will need more resources, especially critical minerals and rare earth elements. To unearth new mineral, energy and groundwater resources we must explore in new and innovative ways,” said King on Tuesday.
Rio Tinto shares dropped by 0.17 per cent to C$102.65 on the Australian Securities Exchange.
rowan@mugglehead.com
