We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Caterpillar (CAT) Demos Battery Electric Underground Mining Truck
Read MoreHide Full Article
Caterpillar Inc. (CAT - Free Report) has demonstrated its first battery electric prototype underground mining truck for Newmont Corporation (NEM - Free Report) and other industry leaders. This marks a significant step in its journey to provide more sustainable offerings for the mining industry, both on the surface and underground.
Caterpillar has worked on the prototype underground mining truck taking into account both customers’ needs and support from Newmont Corp. Caterpillar and Newmont had joined forces in 2021 to develop a fully connected, automated, zero carbon emitting, end-to-end mining system. The collaboration is expected to help in creating a safer and more productive mine, and also support Newmont in attaining its target of net-zero carbon emissions by 2050.
When paired with the commercially available R1700 XE battery electric loader, this battery electric truck will complete Caterpillar's first fully electric underground load and haul solution. This is a significant addition to CAT’s growing portfolio of battery electric and semi-autonomous technology for underground mining applications. The company had launched a 793-battery electric prototype surface mining truck in November 2022.
With the help of technology and automation, miners are bringing radical changes to operations to increase productivity, reduce cost and improve frontline safety while cutting down on carbon emissions, which is the need of the hour considering the severity of climate change. To capitalize on this trend, Caterpillar is enhancing its autonomous capabilities and bringing innovative products into markets. These, in turn, provides Caterpillar with a competitive edge in mining. The company is working with other miners like Rio Tinto plc (RIO - Free Report) and BHP Group (BHP - Free Report) to achieve the goal of reaching net-zero carbon emissions by 2050.
Rio Tinto’s most technologically advanced mine, Gudai-Darri, has 26 CAT 793F autonomous haul trucks, three CAT MD6310 and two MD6250 autonomous drills. The trucks implement real-time ore tracking using sensors to provide live dig face progression while data-informed modeling from the drills helps to build more accurate assessments of existing ground conditions and improve safety. The mine also boasts the first autonomous water carts, which are also developed by Caterpillar.
In collaboration with Caterpillar, Rio Tinto is advancing the development of zero-emissions autonomous haul trucks. Once development is complete, it is anticipated that the world’s first operational deployment of Caterpillar 793 zero-emissions autonomous haul trucks will be at Gudai-Darri.
BHP Group and Caterpillar are working together to replace the entire haul truck fleet at BHP’s Escondida mine, located in the Antofagasta Region of northern Chile. 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.
BHP has been providing inputs into Caterpillar’s design process to support the development of machines that can be operated and serviced by a broader range of the workforce.
Price Performance
Shares of Caterpillar have gained 21.2% in the past year compared with the industry’s 17.9% growth.
Image: Bigstock
Caterpillar (CAT) Demos Battery Electric Underground Mining Truck
Caterpillar Inc. (CAT - Free Report) has demonstrated its first battery electric prototype underground mining truck for Newmont Corporation (NEM - Free Report) and other industry leaders. This marks a significant step in its journey to provide more sustainable offerings for the mining industry, both on the surface and underground.
Caterpillar has worked on the prototype underground mining truck taking into account both customers’ needs and support from Newmont Corp. Caterpillar and Newmont had joined forces in 2021 to develop a fully connected, automated, zero carbon emitting, end-to-end mining system. The collaboration is expected to help in creating a safer and more productive mine, and also support Newmont in attaining its target of net-zero carbon emissions by 2050.
When paired with the commercially available R1700 XE battery electric loader, this battery electric truck will complete Caterpillar's first fully electric underground load and haul solution. This is a significant addition to CAT’s growing portfolio of battery electric and semi-autonomous technology for underground mining applications. The company had launched a 793-battery electric prototype surface mining truck in November 2022.
With the help of technology and automation, miners are bringing radical changes to operations to increase productivity, reduce cost and improve frontline safety while cutting down on carbon emissions, which is the need of the hour considering the severity of climate change. To capitalize on this trend, Caterpillar is enhancing its autonomous capabilities and bringing innovative products into markets. These, in turn, provides Caterpillar with a competitive edge in mining. The company is working with other miners like Rio Tinto plc (RIO - Free Report) and BHP Group (BHP - Free Report) to achieve the goal of reaching net-zero carbon emissions by 2050.
Rio Tinto’s most technologically advanced mine, Gudai-Darri, has 26 CAT 793F autonomous haul trucks, three CAT MD6310 and two MD6250 autonomous drills. The trucks implement real-time ore tracking using sensors to provide live dig face progression while data-informed modeling from the drills helps to build more accurate assessments of existing ground conditions and improve safety. The mine also boasts the first autonomous water carts, which are also developed by Caterpillar.
In collaboration with Caterpillar, Rio Tinto is advancing the development of zero-emissions autonomous haul trucks. Once development is complete, it is anticipated that the world’s first operational deployment of Caterpillar 793 zero-emissions autonomous haul trucks will be at Gudai-Darri.
BHP Group and Caterpillar are working together to replace the entire haul truck fleet at BHP’s Escondida mine, located in the Antofagasta Region of northern Chile. 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.
BHP has been providing inputs into Caterpillar’s design process to support the development of machines that can be operated and serviced by a broader range of the workforce.
Price Performance
Shares of Caterpillar have gained 21.2% in the past year compared with the industry’s 17.9% growth.
Image Source: Zacks Investment Research
Zacks Rank
Caterpillar currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.