Rio Tinto is launching a mine rehabilitation startup that will process waste from legacy mines and rehabilitate natural environments.
The miner is pairing with Washington-based nonprofit RESOLVE to launch the start-up. RESOLVE designs and implements program and policy solutions, as well as providing mediation and conflict resolution.
Rio Tinto and RESOLVE have signed an MoU that will see Rio make a US$2 million investment in the RESOLVE's regeneration program, and will also look to its portfolio to find a candidate for RESOLVE's first regeneration project.
The Regeneration project extracts metals from mine tailings, waste rock, and water, and then sells these materials to fund the restoration of habitats and closure activities.
Regeneration will be targeting the growing list of legacy and former mine sites, whether they are still owned by companies or have been abandoned.
The Regeneration project will also trade biodiversity and carbon credits via its activities to rehabilitate land.
Regeneration is a B-Corp, and has been created as a way to achieve goals established at the COP26 environmental conference in Glasgow.