Advanced Braking Technology Limited announced that it has entered into an agreement with Glencore Australia Holdings Pty Ltd. to develop a heavy vehicle Sealed Integrated Braking System (SIBS) for the Volvo FMX Haul Truck. The design solution will include Intellectual Property developed by ABT and related to the proven and trusted Failsafe brake for light commercial vehicles, that has been used extensively within both the Australian and international mining sectors over many years. The parties are proceeding with the expectation that upon successful development, testing and validation of the SIBS, subject to Glencore's approval, Glencore will consider progressive deployment of the SIBS across its fleet of Volvo FMX Trucks globally.

Further, following successful validation and subsequent period of exclusivity, ABT will offer the product to the global market. The development costs are being shared between both parties recognising a mutual commitment to the success of the solution for the Volvo FMX Haul Truck, and for further market expansion by ABT into the medium term. ABT agrees to undertake product development works exclusively with Glencore to adapt the SIBS for use on the Volvo FMX mining specification haul truck by developing, manufacturing, producing and installing prototype units for validation and testing in Glencore mining operations.

At the completion of the development, validation, and testing, and subject to mutually agreeable commercial terms, it is intended to progress to low-rate production stage for use in Glencore mining operations.