BHP Group Limited (NYSE: BHP) (BHP), Caterpillar Inc. (NYSE: CAT)
(Caterpillar), and Finning International Inc. (TSX: FTT) (Finning)
announced today an agreement to replace BHP’s entire haul truck
fleet at the Escondida mine, the world's largest copper producer,
located in the Antofagasta Region, northern Chile.
This agreement is part of the strategic equipment
renewal process developed by Escondida. The new Caterpillar 798 AC
electric drive trucks will feature technology that delivers
significant improvements in material-moving capacity, efficiency,
reliability, and safety and generate a positive impact in key
initiatives for the future, such as decarbonization, diversity and
inclusion, autonomous technologies, and the development of local
capabilities.
Moving towards mining of the
future
The first trucks are expected to arrive at the mine
in the second half of 2023, with delivery of the remaining trucks
to extend over the next 10 years as the three companies work to
replace one of the largest fleets in the industry worldwide,
currently comprised of over 160 haul trucks. Maintenance and
support services provided under the agreement advance BHP’s local
employment and gender balance strategies. Finning´s Integrated
Knowledge Center, located in Antofagasta, will provide top of the
line industry technical support for the fleet.
The agreement also allows Escondida | BHP to
accelerate the implementation of its autonomy plans by
transitioning the fleet to include technology that enables
autonomous operation. In addition, the agreements set forth a
technological path that helps Escondida | BHP meet its
decarbonization goals, through the progressive implementation of
zero-emission trucks.
BHP, Caterpillar, and Finning uphold their
commitment of contributing to the economic and social development
of Antofagasta, through the generation of local capabilities
related to the development of mining equipment technologies.
“This agreement is an important step to continue
projecting into the future Escondida | BHP´s leadership in the
industry. It will allow us to generate significant efficiencies at
the operational level, but it is also in line with some of the main
challenges that drive us as a company: innovation for the future of
mining, decarbonization, and development of capabilities in
Antofagasta´s community. We have great expectations regarding the
benefits that will be generated in the short and long term for both
the company and the Antofagasta region”, said James Whittaker,
President of Escondida | BHP.
“The Caterpillar team is excited to support the
successful deployment of machines and technology that will
facilitate a step-function improvement in BHP’s operational
excellence. We applaud BHP as this mine site transformation
accelerates the delivery of their aggressive sustainability
targets,” said Denise Johnson, group president Resource Industries,
Caterpillar Inc.
“We are very pleased to build on our long-term
relationship with BHP to support its Escondida operations by
improving efficiency, productivity, and safety, as well as reducing
its carbon footprint, supporting its diversity and inclusion
journey, and contributing to the development of capabilities in
Antofagasta. This is the largest fleet deal in Finning’s history,
and will significantly expand the Caterpillar truck population and
support the transition towards cleaner energy, with electric drive
trucks, and future zero-emission trucks,” said Scott Thomson,
president and CEO of Finning International.
About BHPBHP is a world-leading
resources company headquartered in Melbourne, Australia. We operate
at more than 90 locations around the world our teams work on
extracting, processing and transporting the high-quality
commodities the world needs to grow and decarbonise. Copper for
renewable energy. Nickel for electric vehicles. Potash for
sustainable farming. Iron ore and metallurgical coal for the steel
needed for global infrastructure and the energy transition. A
resources mix for today and for the future.
Further information on BHP can be found at
bhp.com
About CaterpillarWith 2021 sales
and revenues of $51.0 billion, Caterpillar Inc. is the world’s
leading manufacturer of construction and mining equipment,
off-highway diesel and natural gas engines, industrial gas turbines
and diesel-electric locomotives. For nearly 100 years, we’ve been
helping customers build a better, more sustainable world and are
committed and contributing to a reduced-carbon future. Our
innovative products and services, backed by our global dealer
network, provide exceptional value that helps customers succeed.
Caterpillar does business on every continent, principally operating
through three primary segments – Construction Industries, Resource
Industries and Energy & Transportation – and providing
financing and related services through our Financial Products
segment. Visit us at caterpillar.com or join the conversation on
our social media channels.
Caterpillar contact: Rachel
PottsDirector, Enterprise Communications(309)
573-3444Potts_Rachel_A@cat.comAbout FinningFinning
(TSX: FTT) is the world’s largest Caterpillar dealer delivering
unrivalled service to customers for nearly 90 years. Headquartered
in Surrey, British Columbia, we provide Caterpillar equipment,
parts, services, and performance solutions in Western Canada,
Chile, Argentina, Bolivia, the United Kingdom, and Ireland.
Finning Contact:Amanda
HobsonSenior Vice President, Investor Relations and Treasury(604)
331-4865amanda.hobson@finning.comwww.finning.com
Forward-Looking Statements Provided by
Caterpillar
Certain statements in this press release relate to
future events and expectations and are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Words such as “believe,” “estimate,” “will be,” “will,”
“would,” “expect,” “anticipate,” “plan,” “forecast,” “target,”
“guide,” “project,” “intend,” “could,” “should” or other similar
words or expressions often identify forward-looking statements. All
statements other than statements of historical fact are
forward-looking statements, including, without limitation,
statements regarding our outlook, projections, forecasts or trend
descriptions. These statements do not guarantee future performance
and speak only as of the date they are made, and we do not
undertake to update our forward-looking statements.
Caterpillar’s actual results may differ materially
from those described or implied in our forward-looking statements
based on a number of factors, including, but not limited to: (i)
global and regional economic conditions and economic conditions in
the industries we serve; (ii) commodity price changes, material
price increases, fluctuations in demand for our products or
significant shortages of material; (iii) government monetary or
fiscal policies; (iv) political and economic risks, commercial
instability and events beyond our control in the countries in which
we operate; (v) international trade policies and their impact on
demand for our products and our competitive position, including the
imposition of new tariffs or changes in existing tariff rates; (vi)
our ability to develop, produce and market quality products that
meet our customers’ needs; (vii) the impact of the highly
competitive environment in which we operate on our sales and
pricing; (viii) information technology security threats and
computer crime; (ix) inventory management decisions and sourcing
practices of our dealers and our OEM customers; (x) a failure to
realize, or a delay in realizing, all of the anticipated benefits
of our acquisitions, joint ventures or divestitures; (xi) union
disputes or other employee relations issues; (xii) adverse effects
of unexpected events; (xiii) disruptions or volatility in global
financial markets limiting our sources of liquidity or the
liquidity of our customers, dealers and suppliers; (xiv) failure to
maintain our credit ratings and potential resulting increases to
our cost of borrowing and adverse effects on our cost of funds,
liquidity, competitive position and access to capital markets; (xv)
our Financial Products segment’s risks associated with the
financial services industry; (xvi) changes in interest rates or
market liquidity conditions; (xvii) an increase in delinquencies,
repossessions or net losses of Cat Financial’s customers; (xviii)
currency fluctuations; (xix) our or Cat Financial’s compliance with
financial and other restrictive covenants in debt agreements; (xx)
increased pension plan funding obligations; (xxi) alleged or actual
violations of trade or anti-corruption laws and regulations; (xxii)
additional tax expense or exposure, including the impact of U.S.
tax reform; (xxiii) significant legal proceedings, claims, lawsuits
or government investigations; (xxiv) new regulations or changes in
financial services regulations; (xxv) compliance with environmental
laws and regulations; (xxvi) the duration and geographic spread of,
business disruptions caused by, and the overall global economic
impact of, the COVID-19 pandemic; and (xxvii) other factors
described in more detail in Caterpillar’s Forms 10-Q, 10-K and
other filings with the Securities and Exchange Commission.
Forward-Looking Information Caution
Provided by Finning (“we”, “our” or “us”)
This announcement contains information that is
forward-looking. Information is forward-looking when we use what we
know and expect today to give information about the future. All
forward-looking information in this announcement is subject to this
disclaimer including the assumptions and material risk factors
referred to below. Forward-looking information in this announcement
includes, but is not limited to, the following: our supply of
Caterpillar 798 AC electric drive trucks in the renewal of the
entire mining haul truck fleet at BHP’s Escondida mine (the actual
number of trucks to be supplied may vary from the size of the
current fleet); the improvements expected to be delivered by the
technology featured on the trucks; our expectation that delivery of
trucks will commence in the second half of 2023 and continue over
approximately 10 years (which period may ultimately be shorter or
longer); our provision of related maintenance and support services;
and the expectation that the agreements will help Escondida | BHP
to accelerate the implementation of its autonomy plans and
establish a technological path to meet its decarbonization goals.
All such forward-looking information is provided pursuant to the
‘safe harbour’ provisions of applicable Canadian securities laws.
Unless otherwise indicated by us, forward-looking information in
this announcement reflects our expectations at the date in this
announcement. Except as may be required by Canadian securities
laws, we do not undertake any obligation to update or revise any
forward-looking information, whether due to new information, future
events, or otherwise.
Forward-looking information, by its very nature, is
subject to numerous risks and uncertainties and is based on
assumptions. This gives rise to the possibility that actual results
could differ materially from the expectations expressed in or
implied by such forward-looking information and that those
expectations and other information that are not historical fact may
not be achieved. As a result, we cannot guarantee that any
forward-looking information will materialize. Forward-looking
information in this announcement is based on assumptions that we
believed were reasonable today, and include, but are not limited
to, the specific assumptions stated above and the assumptions that
present supply chain challenges will not materially impact
equipment and parts deliveries and Escondida | BHP’s autonomy plans
and decarbonization goals are achievable. Some of the assumptions,
risks, and other factors which could cause results to differ
materially from those expressed in the forward-looking information
contained in this announcement are discussed in our current Annual
Information Form (AIF) and in our annual and most recent quarterly
management’s discussion and analysis (MD&A) for the financial
risks. These documents are available under the Finning profile at
www.sedar.com. We caution readers that the risks described in our
AIF and in our annual and most recent quarterly MD&A are not
the only ones that could impact us. Additional risks and
uncertainties not currently known to us or that are currently
deemed to be immaterial may also have a material adverse effect on
our business, financial condition, or results of operation.
Forward-looking information is provided in this
announcement for the purpose of giving information about our
current expectations and plans, however, readers are cautioned that
it may not be appropriate to use such forward-looking information
for any other purpose.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d0573579-f4fb-4922-ab54-d8b5a0a13b38
Caterpillar (NYSE:CAT)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Caterpillar (NYSE:CAT)
Historical Stock Chart
Von Jul 2023 bis Jul 2024