Palantir Comments on Rio Tinto's Kemano T2 Project Breakthrough
Palantir Technologies (NYSE:PLTR) commented on Rio Tinto's recent milestone in the Kemano T2 tunnel project in British Columbia, where the tunnel boring machine completed the excavation stage. This second tunnel will enhance power supply reliability for Rio Tinto's BC Works smelter and facilitate maintenance without disrupting operations. The project is projected for completion in H2 2022. Palantir's Foundry platform significantly improved excavation rate by 150%, optimizing operational processes and reducing delays. The partnership forms part of a multi-year contract with Rio Tinto.
- Achieved a 150% improvement in excavation rate due to Palantir Foundry deployment.
- Enhanced operational processes and reduced delays at the Kemano site.
- Strengthened partnership with Rio Tinto through multi-year contract.
- None.
BC Works, Aerial Shot,
Effective tunnel boring relies heavily on sensor data and the close management of boring advance rates and tunnel ring-building for the structure of the newly excavated area. There needs to be continuous communication, transferred through shift handovers, between on-the-ground teams and the control room. Palantir’s Foundry platform integrates this diverse data, in near real time, into a common operating picture for the various teams. Beyond translating TBM sensor data into actionable insights, Palantir Foundry allows the Kemano site teams to understand the cause of a number of delays at a glance.
In the three months preceding the completion of the excavation stage, and after a pause in work necessitated by COVID-19, Rio Tinto deployed Palantir Foundry to help achieve a
Palantir Foundry is also hosting and operationalizing three third-party machine learning vision models. These models, developed for Rio Tinto, help predict the arrival times of the train servicing the TBM. Integrating these models into the common operating picture enables Rio Tinto’s engineers to optimize the timing of maintenance.
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About the Rio Tinto-Palantir Enterprise Relationship
The deployment of Palantir Foundry at Kemano is one of many projects taking place within the multi-year enterprise contract announced by Rio Tinto and
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Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir’s expectations regarding the amount and the terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms’ reliability; and our customer’s ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the
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