The contract, which is effective from December 16, also covers the provision of ‘off-site repairs' and other associated services for both Austin supplied equipment and for other OEM's supplied heavy machinery.
The contract covers supply from all of Austin's major global facilities including those in Australia, Indonesia, North America and South America.
The agreement also allows for the supply of equipment and services to multiple Rio operations around the world through individual purchase orders.
The contract includes pre-agreed pricing for mining buckets and haul truck trays matching Rio's global fleet enabling rapid purchasing and order fulfilment.
Austin estimates the work is worth about A$300 million, depending on individual purchase orders. The contract provides for annual price reviews to manage exchange rate, steel and labour rate variances and any other factors that the parties agree are relevant to pricing.
Austin will utilise its recently established ‘Innovation and Technology Hub' to continue to develop its products to help meet Rio's objectives to optimise the safety, lifecycle and productivity of its global heavy machinery fleet.
Austin and Rio have worked together for 33 years. Last week, the two companies celebrated the delivery of the 1000th truck body to Rio at a ceremony attended by Western Australian premier Mark McGowan.
"Rio Tinto is a key customer for Austin's products and services, and I would like to thank the company for its support in helping to build a strong local manufacturing industry in Australia, and a leading business in this industry globally," Austin CEO David Singleton said.
"As a result of this commitment by Rio Tinto we have the confidence to invest in developing our Austin 2.0 strategy.
"As part of this, we recently announced a $6.5 million investment in advanced manufacturing at our facilities initially in Western Australia and Indonesia that will bring new levels of quality, production capacity and flexibility.
"In addition, our Innovation and Technology Hub in Western Australia is focused on meeting the safety, mine site efficiency and decarbonisation goals of Rio Tinto and other customers in Australia and around the world."
Austin shares closed at 20.5c yesterday, valuing the company at $119.2 million.
