Caterpillar Inc. CAT has demonstrated its first battery electric prototype underground mining truck for Newmont Corporation NEM 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 and BHP Group BHP 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.
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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.
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