Matrix Composites & Engineering Ltd. announced that it has entered into a Joint Development Agreement (Agreement) with Rio Tinto (Rio Tinto). Under the joint initiative with Rio Tinto, Matrix will receive a contribution of approximately $0.5 million from Rio Tinto to develop and manufacture a replacement product for structural steel components to be trialled on the overland conveyor systems at Rio Tinto's iron ore operations in Western Australia. Matrix is leveraging its advanced composites technology expertise to create a product that is substantially lighter than steel, decreases handling risk and is more cost effective to transport than traditional alternatives, is corrosion-free, and 100% recyclable.

The patent of the product and intellectual property will be owned by Matrix, and will be readily applicable to the broader mining and resources sector where conveyor operations are utilised. The product will be designed and manufactured in Matrix's Henderson plant, with the ability for mass production utilising Matrix's automated manufacturing technology derived from the aerostructures industry. Delivery and implementation of the product to Rio Tinto for field trials is expected by the end of FY23 with scope for future orders from Rio Tinto and potentially other companies across the mining sector following a successful trial of the product.