The Rising Influence of Rising Affluence

[DewDiligence]

CAT/BHP—Escondido copper mine_moving_to all-electric hauling_trucks_during_next_decade:

https://finance.yahoo.com/news/bhp-caterpillar-finning-announce-agreement-210000202.html

BHP Group Limited, Caterpillar Inc., and Finning International Inc. 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…

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.

There is no dollar amount given in the PR for this project, but it is clearly a big deal for CAT.