Rio Tinto $RIO (-2.04%)
$RIO (-2.64%) invests in Exurban, a UK-based recycling company with plans to build a facility in the US to recover metals from cell phones, computers and other electronic waste (e-waste).
According to an investor newsletter seen by Bloomberg, Rio, along with recycling and circular economy company Giampaolo Group, will take a minority stake of 10-15%. They join other well-known investors such as Mitsubishi Materials and MKS PAMP.
Exurban was founded in 2022 by a group of well-known figures from the metals industry, including the former head of marketing for copper and cobalt at Glencore.
"We share a vision to supply the industry of the future with essential metals by using a new, waste-free recycling technology. I look forward to working together to make this vision a reality," said Stefan Boel, CEO of Exurban, in a statement.
The partnerships will help set new standards in e-waste recycling and related advanced technology projects, said Exurban, which plans to build a $340 million facility in Fort Wayne, Indiana, to recover metals such as copper, gold and silver.
The company had previously aimed to start construction in 2023, but this is now unlikely to happen before 2026, according to the newsletter. In the short term, Exurban plans to complete a feasibility study by the middle of this year.
