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Peter Thiel's AI company to offer Rio Tinto a 'single point of truth'

Kitco News

Thursday, Palantir Technologies (NYSE: PLTR) announced that it signed a multi-year enterprise agreement with the world's second-largest miner, Rio Tinto (ASX: RIO).

Palantir was founded by venture capitalist Peter Thiel, co-founder of Facebook and the first outside investor in Facebook.

Palantir focuses on big data analytics. It is promising to unify Rio Tinto's many data streams.

"Palantir's software will integrate raw data from a multitude of disparate sources into a representation of critical mining operations. Rio Tinto will be able to make decisions and take actions using a single source of truth that combines operational and transactional data. This data resource will be available, with the necessary security and privacy controls, to its frontline and office-based workers," said Palantir in a news release.

Rio Tinto said the work will build upon some previous data integration projects: transforming Borates into a digital business across the value chain, connecting people with data in Rio Tinto's underground operations and assisting the company with the safety and well-being of its employees during the COVID-19 pandemic.

Miners and juniors have been turning to outside firms for help with advanced data analytics. Yamana Gold and Hochschild Mining have partnered with Goldspot Discoveries, which applies artificial intelligence to mineral exploration.

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