Private space exploration company Fleet Space Technologies has announced an ongoing collaboration with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) on the mining giant’s Rincon lithium project.
Rio Tinto will use ExoSphere, an exploration solution developed by Fleet Space, to create 3D subsurface maps of the reservoir, basement-depth and brine-influencing structures at Rincon’s salt flat and nearby subvolcanic structures.
ExoSphere won the 2024 Climate Technology Impact Award at the Banksia Foundation’s 35th National Sustainability Awards. It also won in the innovation category at this year’s Mining Technology Excellence Awards.
Fleet Space said ExoSphere has driven its growth over the past year, which includes a AU$50 million Series C funding round that brought its valuation to A$350 million. It has been recognised as Australia’s fastest-growing company.
“We are proud to deploy ExoSphere’s real-time multiphysics capabilities in support of Rio Tinto’s data-driven exploration for energy transition minerals,” said Fleet Space Co-founder and CEO Flavia Tata Nardini.
“We look forward to bringing the latest innovations in spacetech, 3D multiphysics, and AI to unlock new insights, predictive capabilities, and sustainability benefits to advance the development of world-class operations globally.”
The Rincon lithium project was acquired by Rio Tinto in March 2022. It is located in Argentina’s Salta province, and the company notes on its website that it is currently setting up a starter battery-grade lithium carbonate plant with a capacity of 3,000 tonnes per year. Rio Tinto expects production at the plant to start by the end of this year.
The company also notes that its initial investment in the project covers early works to support a full-scale operation, including a power line and associated substations, a construction camp and an airstrip.
“We are also conducting studies, developing our strategy and timing, and securing updates to existing environmental impact assessment permits,” Rio Tinto states in relation to the project.
“We will be engaging with local communities, the Province of Salta and the Government of Argentina to ensure the project is developed to the highest environmental, social and governance standards.”
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.