Feb. 21 (Bloomberg) -- Tomra Systems ASA, a Norwegian maker of recycling machines, rose the most in four months after entering a partnership with Rio Tinto Group to upgrade the miner’s capacity to sort waste rock.
Tomra rose as much as 9 percent, the most since Oct. 12, and was up 2 percent at 44.6 kroner as of 1:49 p.m. in the Norwegian capital. The stock has risen 11 percent so far this year, touching a six-month high.
The partnership between Tomra and the world’s third largest mining company will seek to develop commercial-scale sorting systems for upgrading bulk minerals, the Asker-based company said today in a statement. The upgrade will increase the rate at which Rio Tinto is able to sort iron ore and copper waste rock to 1,000 metric tons of rock an hour, Tomra said.
Experience on earlier projects “have led to significant advances in computing power, sensor technology and detection systems,” Tomra Chief Executive Officer Stefan Ranstrand said in the statement. “In this strategic R&D partnership, we will apply these new technologies to bulk mineral sorting, working toward enabling a scale not previously attainable.”
No financial details were provided in the statement.
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