Rio Tinto (ASX, LON: RIO) is investing in Exurban, a UK-based recycling firm planning to develop a U.S. facility to recover metals from electronic waste (e-waste), including mobile phones and computers.
Alongside recycling and closed-loop manufacturing firm Giampaolo Group, Rio Tinto will acquire a 10-15% minority stake, according to an investor newsletter seen by Bloomberg. They join notable backers such as Mitsubishi Materials and MKS PAMP.
Exurban, launched in 2022 by key industry figures, including Glencore’s former head of copper and cobalt marketing, aims to set new standards in e-waste recycling and advanced technology projects.
“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,” said Exurban CEO Stefan Boel.
The company plans to build a $340 million plant in Fort Wayne, Indiana, to recover valuable metals such as copper, gold, and silver. While construction was initially slated for 2023, the project is now unlikely to break ground before 2026. In the near term, Exurban aims to complete a feasibility study by mid-year.