Palantir Technologies Inc. (NYSE:PLTR) shares are trading relatively flat in the premarket session on Wednesday.
The company announced today that it renewed its multi-year enterprise agreement with the mining giant Rio Tinto Plc (NYSE:RIO), extending the partnership for an additional four years.
This agreement ensures Rio Tinto's continued access to Palantir's Artificial Intelligence Platform (AIP), further enhancing the company's operational efficiency and AI capabilities.
As an early adopter of Palantir Foundry, Rio Tinto has already built a robust digital twin, or "Ontology," which serves as a unified data model for critical operations.
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The Ontology enables Rio Tinto to leverage AIP to rapidly develop, test, and deploy AI-driven solutions, addressing challenges in areas like plant operations, geotechnical risk management, and the coordination of unmanned trains.
"The Foundry Ontology has made our structured data accessible, and AIP is doing the same for our unstructured data while enabling us to attack with pace problems previously deemed too complex," said Bold Bataar, Rio Tinto's Chief Commercial Officer.
According to Benzinga Pro, RIO stock has lost over 6% in the past year. Investors can gain exposure to the stock via VanEck Steel ETF (NYSE:SLX) and Gabelli ETFs Trust Gabelli Financial Services Opportunities ETF (NYSE:GABF) and VanEck Natural Resources ETF (NYSE:HAP).
For instance, in Western Australia's Pilbara region, Foundry integrates real-time data from hundreds of systems, allowing operators to optimize the routing of 53 driverless trains transporting iron ore. This has led to improved safety and throughput on the rail network.
Meanwhile, in Mongolia's Oyu Tolgoi mine, the Ontology provides dynamic risk management for one of the world's most challenging mining environments.
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 continued improvements in performance, safety, and decision-making in Rio Tinto's high-stakes environments.
Ted Mabrey, Palantir's Head of Commercial, highlighted the potential of AIP to address Rio Tinto's most pressing challenges, including risk identification and asset management, ensuring safe and efficient AI deployment.
PLTR stock has gained over 200% in the past year. Investors can gain exposure to the stock via REX AI Equity Premium Income ETF (NASDAQ:AIPI) and Global X Funds Global X Defense Tech ETF (NYSE:SHLD).
Price Action: PLTR shares are trading higher by 1.02% to $60.46 premarket at last check Wednesday, whie RIO shares are trading lower by 0.46% to $60.92.
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