Rio Tinto joins Mitsubishi as investor in US recycling project

Rio Tinto (ASX, LON: RIO) is investing in Exurban, a Britain-based recycling firm with plans to build a facility in the US to recover metals from mobile phones, computers and other electronic waste (e-waste).

Rio, together with recycling and closed-loop manufacturing firm Giampaolo Group, will take a minority stake of 10-15%, according to an investor newsletter seen by Bloomberg. They join other notable investors such as Mitsubishi Materials and MKS PAMP.

Exurban was launched in 2022 by a group of well-known figures in the metals industry, including Glencore’s former head of copper and cobalt marketing.

“We share a vision of supplying critical metals to industries of the future by deploying new, zero waste recycling technology. I am excited about working together to make that vision a reality,” Exurban’s CEO Stefan Boel said in a statement.

The partnerships will help set new standards in recycling e-waste and in associated advanced technology projects, said Exurban, which is planning to build a $340 million plant in Fort Wayne, Indiana, to recover metals including copper, gold and silver.

The company had previously targeted construction to begin in 2023, but it now looks unlikely before 2026, according to the newsletter. In the near term, Exurban said it plans to complete a feasibility study by the middle of this year.