The world's largest copper mine fleet will be fully updated with CAT® 798 AC trucks

Recently, BHP Group (NYSE: BHP) (hereinafter referred to as "BHP"), Caterpillar Inc. (NYSE: CAT) and Finning International Inc. (TSX: FTT, the Caterpillar distributor (hereinafter referred to as "Fenning Company") has announced an agreement to gradually replace the entire fleet of mining trucks at BHP's Escondida copper mine. This mine is located in the Antofagasta region in northern Chile and is currently the largest copper mine in the world.

This agreement is part of the equipment renewal plan in the Escondida copper mine development strategy. The new CAT® 798 AC electric drive truck is equipped with a series of technologies that can significantly enhance material transportation capacity, efficiency, reliability and safety, and have a positive impact on some important future plans, such as decarbonization, diversity and inclusion, automation technology and the development of regional local capabilities.

March towards the future of mining

The fleet updated this time is one of the largest in the global mining industry at present, consisting of 160 transport trucks. The first batch of new vehicles will arrive in the second half of 2023, and the remaining vehicles will be delivered successively over the next 10 years.

The maintenance and service support stipulated in the agreement will help advance BHP Billiton's local employment and gender balance strategy. The "Integrated Knowledge Center" of Finning Company located in Antofagasta will provide the team with top-notch technical support in the industry. According to the agreement, Escondida and BHP can accelerate the implementation of its autonomous operation plan by promoting the upgrading of related technologies in its fleet. In addition, the agreement also sets out a technical route to help Escondida BHP achieve its decarbonization goals by gradually deploying zero-emission trucks.

BHP Billiton, Caterpillar and Finning will fulfill their commitment to contribute to the economic and social development of Antofagasta by developing local capabilities related to mining equipment technology.

This agreement is an important step to further consolidate Escondida BHP Billiton's leading position in the industry. This will significantly enhance our operational efficiency and also enable us to better address some of the major challenges facing the company's development: innovation in the future mining industry, decarbonization, and local development in the Antofagasta region." James Whittaker, president of BHP Billiton, said: "We are very much looking forward to the short-term and long-term benefits this move will bring to the company and the Antofagasta region."

The Caterpillar team is delighted to support the successful deployment of equipment and technology, which will promote the continuous improvement of BHP's operational excellence. We express our appreciation for BHP Billiton's move, as this mine transformation project will accelerate the achievement of its sustainable development goals. Denise Johnson, president of Caterpillar's Resources Industry Group, said.

We are very pleased to establish a long-term cooperative relationship with BHP Billiton to support the operation of the Escondida copper mine, enhance the efficiency, productivity and safety of the mine, reduce its carbon footprint, accelerate its development process towards diversity and inclusion, and contribute to the capacity development of the local community in Antofagasta. This is the largest fleet order in Finning's history. This move will significantly increase the number of Caterpillar trucks and, with the support of electric-driven trucks and future zero-emission trucks, promote the transition of mines to clean energy." Scott Thomson, president and chief executive officer of Finning International, said.