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Palantir Inks Accord to Provide Software to Mining Giant Rio Tinto

Data-analytics-software provider Palantir signed a multiyear agreement to provide its foundry platform to the U.K.-based mining titan Rio Tinto.
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Data-analytics-software provider Palantir Technologies  (PLTR) - Get Palantir Technologies Inc. Class A Report said Thursday that it signed a multiyear agreement to provide its foundry platform to the U.K.-based mining titan Rio Tinto  (RIO) - Get Rio Tinto Plc Report.

Terms weren't disclosed.

The Denver company's shares recently were trading off 6.4% at $36.50. But that’s not necessarily a commentary on the Rio Tinto deal. 

The shares have been caught up in the short-squeeze frenzy that has sent GameStop  (GME) - Get GameStop Corporation Report to the stratosphere since Friday and roiled markets generally. Palantir stock has soared 48% in the past five days.

As for the agreement, “Palantir’s software will integrate raw data from a multitude of disparate sources into a representation of critical mining operations,” according to a Palantir statement. 

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“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 front-line and office-based workers.”

Specifically, Palantir said, the move "builds on a number of successful data-integration projects explored last year across various business units."

These include "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.”

Rio Tinto called the partnership "an important step in our digital transformation; enabling fast-paced, forward-looking decision making across our operations, leading to improved results in safety, cost and production,” Chief Information Officer Fay Cranmer said.

Rio Tinto recently traded at $78.28, down 0.5%.