PEORIA, Ill., July 5, 2011 /PRNewswire/ -- Caterpillar Inc.
(NYSE: CAT) and Cat Dealer WesTrac have signed a Memorandum of
Understanding (MOU) with Fortescue Metals Group (ASX: FMG) based in
Perth, Australia to implement an
autonomous mining solution that is focused on delivering
productivity and performance gains for Fortescue's new Solomon iron
ore mine. This solution will comprise a number of elements,
including the full Cat® MineStar™ System technology suite and an
initial fleet of 12 Command for hauling autonomous 793F trucks to
be implemented in third and fourth quarter 2012. At full
operational capacity, it is anticipated the Solomon mine will have
approximately 45 autonomous trucks by 2015.
"This agreement confirms and validates Caterpillar's commitment
to our customers by producing state-of- the-art solutions that
provide a significant step change in mining productivity and
safety," said Chris Curfman, Vice
President, Caterpillar Global Mining. "By working closely with
mining customers, we are able to tailor a solution to their
specific business needs using Caterpillar's broad range of
products, technology and services. This collaboration will
also positively impact sustainability at Fortescue's Solomon mine
through reduced environmental footprint and machine efficiencies."
"Innovation is at the heart of Fortescue's values,"
said Fortescue's Chief Operating Officer, Neville Power. "It is how we started this
business through different exploration and mining practices, and it
will be critical in how we implement our extensive growth
aspirations. One of the key growth challenges we face is
around availability of people and the need to best utilize this
valuable resource. As such, it is incumbent upon us to look
at new ways of doing things."
"Partnering with the world's leading mining equipment supplier
and their most accomplished dealer to develop the automation of our
mining operations is a great outcome," Power added. "The
expected roll out is more than just a trial with the plan to get to
12 machines by 2012 and then growing to 45 by 2015. It is the
unique capabilities that the three parties bring to this agreement
that will deliver the world's leading autonomous mining solution at
Solomon."
Caterpillar and WesTrac will work together to implement and
operate this autonomous solution for Fortescue. The two
organizations together will provide product and technology
implementation, consulting and change management services to
Solomon mine, as well as operate the complete autonomous system
once it is implemented. In addition, WesTrac will be fully
responsible for supporting the large Caterpillar mining fleet at
Solomon with machine and technology technicians and support
personnel.
"For the past 10 years, WesTrac has been a leader in selling,
implementing and supporting mining technology products that help
mining companies achieve improved productivity and asset
utilization. By marrying our deep Cat product expertise with
these 'building block' technologies, we are well positioned with
Caterpillar to provide Solomon mine with a turn-key autonomous
mining solution," said WesTrac Group CEO, Jim Walker.
Caterpillar has been delivering mining technologies and systems
for more than 20 years that have improved site safety, machine
productivity and equipment utilization. The world's first
autonomous truck was demonstrated by Caterpillar in the mid 1990's.
At MINExpo 2008, Caterpillar articulated its vision for
autonomous mining in the future that includes autonomous drilling,
autonomous dozers and autonomous underground mining equipment
working with other manned equipment. The implementation of
Command for hauling trucks at the Solomon mine is a significant
step in executing Cat's strategy to transform how mine sites will
operate in the future.
About Caterpillar:
For more than 85 years, Caterpillar Inc. has been making
sustainable progress possible and driving positive change on every
continent. With 2010 sales and revenues of $42.588 billion, Caterpillar is the world's
leading manufacturer of construction and mining equipment, diesel
and natural gas engines, industrial gas turbines and
diesel-electric locomotives. The company also is a leading services
provider through Caterpillar Financial Services, Caterpillar
Remanufacturing Services, Caterpillar Logistics Services and
Progress Rail Services. More information is available at:
http://www.caterpillar.com.
About Seven Group:
Seven Group Holdings – a leading Australian diversified
operating and investment company - listed on the Australian
Securities Exchange in May 2010
following shareholder approval for the merger of Seven Network
Limited and WesTrac Holdings to create a new diversified operating
and investment group. The new company delivers shareholders a
company with a market-leading presence in media and the resource
services sector, as well as an expanding business presence in
China. Seven Group comprises
WesTrac Group; a 30 percent shareholding in Seven West Media,
Australia's largest multiple
platform media company comprising Australia's leading television network, Seven
Network, West Australian Newspapers, the leading media group in
Western Australia Pacific
Magazines, one of Australia's two
largest magazine publishing companies, and Yahoo!7. Seven
Group has significant shareholding in Prime Media and Consolidated
Media Holdings, which has a leading presence in subscription
television through a 25 percent shareholding in Foxtel and a 50 per
cent shareholding in Premier Media Group. Seven Group is also
a cornerstone investor in the recently listed Agricultural Bank of
China.
About Fortescue Metals Group:
Fortescue is the New Force in Iron Ore and has joined the
world's leading producers of iron ore. Since the Company was
formed in 2003, its extraordinary growth has been unparalleled.
Listed in the S&P/ASX 50 share index, Fortescue has firmly
established itself as one of the world's largest producers and
sea-borne traders of iron ore.
Forward-Looking Statements
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.
These statements are subject to known and unknown factors
that may cause Caterpillar's actual results to be different from
those expressed or implied in the forward-looking statements. Words
such as "believe," "estimate," "will be," "will," "would,"
"expect," "anticipate," "plan," "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 Caterpillar does not
undertake to update its forward-looking statements.
It is important to note that Caterpillar's actual results may
differ materially from those described or implied in its
forward-looking statements based on a number of factors, including,
but not limited to: (i) global economic conditions and
economic conditions in the industries and markets Caterpillar
serves; (ii) government monetary or fiscal policies and
government spending on infrastructure; (iii) commodity or
component price increases and/or limited availability of raw
materials and component products, including steel;
(iv) Caterpillar's and its customers', dealers' and suppliers'
ability to access and manage liquidity; (v) political and
economic risks associated with our global operations, including
changes in laws, regulations or government policies, currency
restrictions, restrictions on repatriation of earnings, burdensome
tariffs or quotas, national and international conflict, including
terrorist acts and political and economic instability or civil
unrest in the countries in which Caterpillar operates;
(vi) Caterpillar's and Cat Financial's ability to maintain
their respective credit ratings, material increases in either
company's cost of borrowing or an inability of either company to
access capital markets; (vii) financial condition and credit
worthiness of Cat Financial's customers; (viii) inability to
realize expected benefits from acquisitions and divestitures,
including the acquisition of Bucyrus International, Inc.;
(ix) the possibility that the acquisition by Caterpillar of
Bucyrus International, Inc. does not close for any reason,
including, but not limited to, a failure to obtain required
regulatory approvals; (x) international trade and investment
policies, such as import quotas, capital controls or tariffs;
(xi) the possibility that Caterpillar's introduction of
Tier 4 emissions compliant machines and engines is not
successful; (xii) market acceptance of Caterpillar's products
and services; (xi) effects of changes in the competitive
environment, which may include decreased market share, lack of
acceptance of price increases, and/or negative changes to our
geographic and product mix of sales; (xii) union disputes or
other employee relations issues; (xiii) Caterpillar's ability
to successfully implement the Caterpillar Production System or
other productivity initiatives; (xiv) adverse changes in
sourcing practices of our dealers or original equipment
manufacturers; (xv) compliance costs associated with
environmental laws and regulations; (xvi) alleged or actual
violations of trade or anti-corruption laws and regulations;
(xvii) additional tax expense or exposure;
(xviii) currency fluctuations, particularly increases and
decreases in the U.S. dollar against other currencies;
(xix) failure of Caterpillar or Cat Financial to comply with
financial covenants in their respective credit facilities;
(xx) increased funding obligations under our pension plans;
(xxi) significant legal proceedings, claims, lawsuits or
investigations; (xxii) imposition of operational restrictions
or compliance requirements if carbon emissions legislation and/or
regulations are adopted; (xxiii) changes in accounting
standards or adoption of new accounting standards;
(xxiv) adverse effects of natural disasters; and
(xxv) other factors described in more detail under "Item 1A.
Risk Factors" in Part I of our Form 10-K filed with the SEC
on February 22, 2011 for the year ended December 31,
2010. This filing is available on our website at
www.caterpillar.com/secfilings
SOURCE Caterpillar Inc.