Teck Resources Ltd
VANCOUVER, British Columbia, April 28, 2022 (GLOBE NEWSWIRE) -- Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (Teck) announced today that initiatives deployed through its technology transformation programs, highlighted by the signature RACE21 program, are expected to generate approximately $1.1 billion in recurring, annualized benefits through enhanced operational performance, safety and sustainability.
From advanced analytics to machine learning to automation, our RACE21 program has built on our long-standing focus on technology and innovation to generate significant new benefit through improved operational performance, safety and sustainability, helping to solidify Tecks position as a technology leader in our industry, said Don Lindsay, President and CEO. As we look to the future, we will continue to leverage digital innovation to more efficiently and sustainably produce the metals and materials needed for a low-carbon world.
RACE21 Benefits Creation RACE, which stands for Renew, Automate, Connect and Empower, has been a catalyst for transformative change across Teck and was a contributor to our record-setting performance in 2021. Between 2019-2021, RACE21 delivered initiatives expected to generate approximately $900 million in recurring annualized benefits using long-range planning price assumptions. Anticipated benefits build on the estimated $200 million of recurring annualized benefits generated through earlier technology initiatives. Assuming spot prices as of March 31, 2022 and planned production and sales, Teck estimates that anticipated benefits could be up to approximately $1.7 billion annually.
RACE21 enhanced operational performance in the following core areas:
Mine Optimization $450 Million: Leveraging data, machine learning and digital applications across Tecks mining equipment has increased truck productivity by up to 10% at certain operations, reduced drilling and fuel costs, and optimized the quality of material going to processing plants. For example, at our Fording River Operations, machine learning models use real-time information such as truck speed and location to quickly identify road maintenance tasks and the optimal allocation of trucks to maximize production. At our Red Dog Operations, visualization and 3D modelling applications are used to accurately predict the movement of material during a blast, improving the zinc grade delivered to the plant by about 5%. Similar approaches at our Elkview Operations reduced ash variability of material in the plant, increasing plant yield by approximately 0.5% starting in December 2021.
Story continues
Processing Improvements $300 Million: Automation and machine learning models within Tecks processing plants increased throughput capacity by up to 9%, and recovery by up to 3% at certain sites. For example, at our Red Dog Operations, automation has been used to improve stability of grinding mill processes, increasing production rates by 9%. At our Highland Valley Copper Operations, automation and machine learning models that use real-time information from flotation processes such as chemical addition and equipment settings resulted in a 3% increase in copper recovery. Combined with simulation models that track ore characteristics through our grinding mills, process control enhancements and data analytics that support more informed blasting decisions, the site has realized a 15% increase in mill throughput capacity.
Integrated Operations and Maintenance $150 Million: Digital planning applications that better connect operations with logistics teams have reduced costs and maximized throughput between Tecks steelmaking coal operations and the recently upgraded Neptune Bulk Terminals. Automated train loading at our Fording River Operations has increased loading per car by 2% and loading speed by 40%. Predictive maintenance enabled by equipment sensors has reduced equipment downtime and operational interruptions across all sites.
Reducing Health & Safety Risk: Safety initiatives at various Teck operations, including light vehicle monitoring systems, collision and proximity detection and autonomous haulage systems, have reduced the overall risk associated with vehicle interactions and contributed to a 38% reduction in Tecks high-potential incident frequency in 2021 compared to the previous year.
Enhancing Sustainability: Digital technology is being implemented across Teck operations to improve decision making in the areas of water use, air quality and energy consumption. For example, at our Trail Operations various automation initiatives increased throughput of the KIVCET dryer and at the same time reduced sulphur dioxide emissions by 19% in 2021 compared to the previous year. At our Fording River Operations, we are developing machine learning using weather and water quality data to provide enhanced operational recommendations for water storage and movement within the mine.
These RACE21 initiatives follow Tecks other successful technology programs, including our previously announced adoption of saturated rock fill technology for our Elk Valley Water Quality Program, which has accelerated the implementation of water treatment in the Elk Valley and offers a sustainable long term alternative to conventional tank-based treatment plants.
RACE21 represents the latest advancement in a long history of technology and innovation at Teck, said Andrew Milner, Senior Vice President and Chief Transformation Officer. Teams of developers, data engineers, data scientists, and user experience designers are leveraging data and knowledge, while collaborating with our operations, to solve complex problems in real-time. The work we have done is embedded across the organization, helping to offset increasing haulage profiles, declining ore grades, and significant inflationary impacts that Teck and the rest of the global mining industry are experiencing.
Expected annualized benefits are measured by the average of current and estimated future pre-tax cash flow impacts of the various initiatives, based on a number of assumptions, including assumptions regarding the ramp-up of the initiatives, production, commodity price, exchange rate and sales and other assumptions, and aggregating those estimated impacts to estimate expected future benefits. Some benefits are not expected to be fully realized until future periods, and the expected impact of these initiatives is taken into account in our existing guidance.
Forward-Looking StatementsThis news release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words anticipate, plan, continue, estimate, expect, may, will, project, predict, potential, should, believe and similar expressions is intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These statements speak only as of the date of this presentation.
The forward-looking statements in this news release include but are not limited to: the statements of the benefit expected to be generated by RACE21 and Tecks other technology initiatives; and the improvements expected to be delivered, or continuation of improvements already delivered, by those initiatives, including but not limited to increased truck productivity, production rates, copper recovery, increased mill throughput. Anticipated benefits to be generated are not a guarantee of any level of future financial, operational, or other results.
These statements are based on a number of assumptions, including, but not limited to: assumptions regarding future commodity prices and the prices we will achieve for our products and that all production is sold at these assumed prices; foreign exchange rate assumptions; assumptions regarding future production, and the improvements to future production associated with the RACE21 and other technology initiatives; assumptions regarding our ability to sell all production; assumptions the RACE21 and other initiatives are further implemented and scaled in accordance with current plans; assumptions that future implementation and scaling will achieve the benefits expected; assumptions regarding general business and economic conditions and the supply and demand for, deliveries of our products. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause actual results to vary materially.
Factors that may cause actual results to vary materially include, but are not limited to: actual commodity prices and the prices that we achieve for our products; difficulties or inability to implement or scale technology initiatives; changes in demand for our product; actual production and our ability to sell all production as assumed; changes in currency exchange rates; unanticipated operational and construction difficulties that result in Teck not achieving its anticipated sales, production or other targets; changes at our operations, including but not limited to grades, that impact the expected benefits of our initiatives; unanticipated difficulties in realizing or continuing to realize the benefits of our initiatives; and other factors that impact our business generally. The foregoing list of factors is not exhaustive.
We assume no obligation to update forward-looking statements except as required under securities laws. Further information concerning risks and uncertainties associated with these forward-looking statements and our business can be found in our Annual Information Form for the year ended December 31, 2021, filed under our profile on SEDAR (www.sedar.com) and on EDGAR (www.sec.gov) under cover of Form 40-F, as well as subsequent filings that can also be found under our profile.
About TeckAs one of Canadas leading mining companies, Teck is committed to responsible mining and mineral development with major business units focused on copper, zinc, and steelmaking coal, as well as investments in energy assets. Copper, zinc and high-quality steelmaking coal are required for the transition to a low-carbon world. Headquartered in Vancouver, Canada, Tecks shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at http://www.teck.com or follow @TeckResources.
Teck Media Contact:Chris Stannell Public Relations Manager604.699.4368chris.stannell@teck.com
Teck Investor Contact:Fraser PhillipsSenior Vice President, Investor Relations and Strategic Analysis604.699.4621fraser.phillips@teck.com
Continue reading here:
- Report: Apple acquires French startup behind AI and computer vision technology - 9to5Mac - April 22nd, 2024 [April 22nd, 2024]
- CACI Awarded $1.3 Billion Task Order to Provide Communications and Information Technology Expertise to U.S. ... - Business Wire - April 22nd, 2024 [April 22nd, 2024]
- What is semi-automated offside technology and how does it work? - The Athletic - April 22nd, 2024 [April 22nd, 2024]
- Can technology save us from an ecological apocalypse? - interview - CyberNews.com - April 22nd, 2024 [April 22nd, 2024]
- Does LaLiga have goalline technology? What about other major leagues? - AS USA - April 22nd, 2024 [April 22nd, 2024]
- Driver Assistance Technologies: NHTSA Should Take Action to Enhance Consumer Understanding of Capabilities and ... - Government Accountability Office - March 31st, 2024 [March 31st, 2024]
- OpenAI reveals Voice Engine, but won't yet publicly release the risky AI voice-cloning technology - The Associated Press - March 31st, 2024 [March 31st, 2024]
- Nexalin Technology Full Year 2023 Earnings: US$0.63 loss per share (vs US$0.30 loss in FY 2022) - Yahoo Finance - March 31st, 2024 [March 31st, 2024]
- 'Battle for your brain': What the rise of brain-computer interface technology means for you - WBUR News - March 31st, 2024 [March 31st, 2024]
- Firsthand Technology Value Fund (NASDAQ:SVVC) Research Coverage Started at StockNews.com - Defense World - March 31st, 2024 [March 31st, 2024]
- Suzhou Anjie Technology Full Year 2023 Earnings: Misses Expectations - Simply Wall St - March 31st, 2024 [March 31st, 2024]
- Inside the shadowy global battle to tame the world's most dangerous technology - POLITICO Europe - March 31st, 2024 [March 31st, 2024]
- The Technological Pivot Of History: Power In The Age Of Exponential Innovation Analysis - Eurasia Review - March 31st, 2024 [March 31st, 2024]
- 'Women Behind the Wheel' explores the intersection of gender, culture and cars - NPR - March 31st, 2024 [March 31st, 2024]
- Shanghai Weihong Electronic Technology Full Year 2023 Earnings: Revenues Beat Expectations, EPS Lags - Simply Wall St - March 31st, 2024 [March 31st, 2024]
- A Look At The Fair Value Of Powertech Technology Inc. (TWSE:6239) - Simply Wall St - March 31st, 2024 [March 31st, 2024]
- Weaver Network Technology Full Year 2023 Earnings: EPS Beats Expectations, Revenues Lag - Simply Wall St - March 31st, 2024 [March 31st, 2024]
- New York City will introduce controversial AI gun detection technology amid subway crime crisis - SiliconANGLE News - March 31st, 2024 [March 31st, 2024]
- Earnings Not Telling The Story For Beijing CTJ Information Technology Co., Ltd. (SZSE:301153) - Simply Wall St - March 31st, 2024 [March 31st, 2024]
- Vontron Technology Full Year 2023 Earnings: EPS: CN0.35 (vs CN0.34 in FY 2022) - Simply Wall St - March 31st, 2024 [March 31st, 2024]
- Huawei Revenue Rises as Technology Giant Commits to Growth - Technology Magazine - March 31st, 2024 [March 31st, 2024]
- Shenzhen Fortune Trend technology Full Year 2023 Earnings: Beats Expectations - Simply Wall St - March 31st, 2024 [March 31st, 2024]
- USPACE Technology Group Limited (HKG:1725) May Have Run Too Fast Too Soon With Recent 28% Price Plummet - Simply Wall St - March 31st, 2024 [March 31st, 2024]
- NYC to test gun-detecting technology in subway system - SILive.com - March 31st, 2024 [March 31st, 2024]
- Cancer Treatment: 3D Printing and Scanning Technology - Surviving Mesothelioma - March 31st, 2024 [March 31st, 2024]
- Does Contel Technology (HKG:1912) Have A Healthy Balance Sheet? - Simply Wall St - March 31st, 2024 [March 31st, 2024]
- Oppo Find X7 series now supports 5G-Advanced technology with up to 10 Gbps downlink speed - The Indian Express - March 31st, 2024 [March 31st, 2024]
- DCPS receives nearly $20k in grants for technology program advancements - The Owensboro Times - March 31st, 2024 [March 31st, 2024]
- Hangzhou Electronic Soul Network Technology Full Year 2023 Earnings: Misses Expectations - Simply Wall St - March 31st, 2024 [March 31st, 2024]
- International Business Digital Technology Full Year 2023 Earnings: CN0.07 loss per share (vs CN0.019 loss in FY ... - Simply Wall St - March 31st, 2024 [March 31st, 2024]
- Analysts Are More Bearish On Guangzhou Tinci Materials Technology Co., Ltd. (SZSE:002709) Than They Used To Be - Simply Wall St - March 31st, 2024 [March 31st, 2024]
- Daheng New Epoch Technology Full Year 2023 Earnings: EPS: CN0.11 (vs CN0.16 in FY 2022) - Simply Wall St - March 31st, 2024 [March 31st, 2024]
- Tesla offers U.S. customers a month's trial of its driver-assist technology - Reuters - March 31st, 2024 [March 31st, 2024]
- Slam Dunk Technology: How AI Is Revolutionizing The Game Of Basketball - Forbes - March 31st, 2024 [March 31st, 2024]
- China Environmental Technology and Bioenergy Holdings Full Year 2023 Earnings: CN0.03 loss per share (vs CN ... - Simply Wall St - March 31st, 2024 [March 31st, 2024]
- Vuma and Huawei team up to launch industry first 50G PON ... - Light Reading - July 15th, 2023 [July 15th, 2023]
- See What Kim Kardashian and Kylie Jenner Look Like With Aging ... - E! NEWS - July 15th, 2023 [July 15th, 2023]
- AFRL conducts swarm technology demonstration > ONE AFRL ... - afrl.af.mil - May 20th, 2023 [May 20th, 2023]
- Shell to use new AI technology in deep sea oil exploration - Reuters - May 20th, 2023 [May 20th, 2023]
- Former Google CEO says AI at 'center' of technology competition between US and China - Fox News - May 20th, 2023 [May 20th, 2023]
- Agriculture and technology combine to drive the industrys growth - Times of India - May 20th, 2023 [May 20th, 2023]
- Technology and the Skills Shortage - Financial Times - May 20th, 2023 [May 20th, 2023]
- New License Agreement Announced for Next-Generation Base ... - BioPharm International - May 20th, 2023 [May 20th, 2023]
- Orion Governance Licenses Technology from GE to Deliver Next Generation Data Governance Solution - Yahoo Finance - May 20th, 2023 [May 20th, 2023]
- World needs to be 'vigilant' as AI technology improves and ... - KTVZ - May 20th, 2023 [May 20th, 2023]
- After Losing Son, Ridgefield Mother Pushes For Technology to Prevent Hot Car Deaths - NBC Connecticut - May 20th, 2023 [May 20th, 2023]
- After last year's fan violence in Queretaro, has Fan ID technology ensured safety for Liga MX fans? - ESPN - ESPN - May 20th, 2023 [May 20th, 2023]
- Bleach: The Soul Reapers' Gigai Technology, Explained - CBR - Comic Book Resources - May 20th, 2023 [May 20th, 2023]
- Cogito Tech - Catalyzing Transformation in Global Healthcare ... - Business Standard - May 20th, 2023 [May 20th, 2023]
- Barriers to Use of Technology in Diabetes Management - Patient Care Online - May 20th, 2023 [May 20th, 2023]
- Blue technology startups presented at the inaugural Gulf Blue ... - The University of Southern Mississippi - May 20th, 2023 [May 20th, 2023]
- CureVac files expanded patent lawsuit against Pfizer/BioNTech over ... - Reuters - May 20th, 2023 [May 20th, 2023]
- Harrison Ford defends use of de-ageing technology in new Indiana Jones film: I know that that is my face - Yahoo News - May 20th, 2023 [May 20th, 2023]
- Sanwo-Olu: Nigeria needs technology to compete with likes of China - Guardian Nigeria - May 20th, 2023 [May 20th, 2023]
- Prejudice in technology, and the necessity of time: Books in brief - Nature.com - May 20th, 2023 [May 20th, 2023]
- New technology uses ordinary sunlight to disinfect drinking water ... - Stanford University News - May 20th, 2023 [May 20th, 2023]
- Incredible AI technology shows what UK cities will look like in 2050 - LADbible - May 20th, 2023 [May 20th, 2023]
- Your Firm and Your Tools - Top Technology Initiatives - CPAPracticeAdvisor.com - May 20th, 2023 [May 20th, 2023]
- Tom Hanks: I could appear in movies after death with AI technology - BBC - May 20th, 2023 [May 20th, 2023]
- Transform your career with Chief Technology Officer online course - Economic Times - May 20th, 2023 [May 20th, 2023]
- e-Learning Jamaica Technology in Education Conference Slated for ... - Government of Jamaica, Jamaica Information Service - May 20th, 2023 [May 20th, 2023]
- Andrew Maynard | What's a Luddite? From Industrial Revolution to ... - TribDem.com - May 20th, 2023 [May 20th, 2023]
- At Yale, Kaloyan Kolev used technology to create and to make ... - Yale News - May 20th, 2023 [May 20th, 2023]
- This technology could alter the entire planet. These groups want every nation to have a say. - MIT Technology Review - April 17th, 2023 [April 17th, 2023]
- The secret lives of snakes and how Georgia College uses technology to study them - 13WMAZ.com - April 8th, 2023 [April 8th, 2023]
- Technology Innovation Institute to host 2nd 'Additive Manufacturing the Future' seminar in Abu Dhabi - Devdiscourse - April 8th, 2023 [April 8th, 2023]
- Can Array Technologies Inc (ARRY) Stock Rise to the Top of Technology Sector Thursday? - InvestorsObserver - March 31st, 2023 [March 31st, 2023]
- Here's Why We Think Pfeiffer Vacuum Technology (ETR:PFV) Might Deserve Your Attention Today - Simply Wall St - February 18th, 2023 [February 18th, 2023]
- Will WM Technology Inc (MAPS) Stay at the Top of the Technology Sector? - InvestorsObserver - February 18th, 2023 [February 18th, 2023]
- Ways in which technology can enhance the abilities of law enforcement agents to assist the community - Times of India - February 7th, 2023 [February 7th, 2023]
- Meet The Titans: Google And OpenView (Microsoft) Faceoff On Chat Technology Innovation - Forbes - February 5th, 2023 [February 5th, 2023]
- MACOM Technology Solutions Holdings, Inc.'s (NASDAQ:MTSI) Stock Has Been Sliding But Fundamentals Look Strong: Is The Market Wrong? - Simply Wall St - February 5th, 2023 [February 5th, 2023]
- WVU Dept. of Ophthalmology acquires state-of-the-art technology for simulation lab - WV News - February 5th, 2023 [February 5th, 2023]
- Executive Vice President of Technology & Operations Alok Sethi Just Sold A Bunch Of Shares In Franklin Resources, Inc. (NYSE:BEN) - Simply Wall St - February 5th, 2023 [February 5th, 2023]
- Is Now The Time To Put Amkor Technology (NASDAQ:AMKR) On Your Watchlist? - Simply Wall St - January 27th, 2023 [January 27th, 2023]
- There Are Reasons To Feel Uneasy About New Oriental Education & Technology Group's (NYSE:EDU) Returns On Capital - Simply Wall St - January 27th, 2023 [January 27th, 2023]
- Technology has set us on a path toward one of two dystopian scenariosbut its not too late to save democracy - Fortune - January 17th, 2023 [January 17th, 2023]
- IonQ Acquires Entangled Networks And Locks In Quantum Networking Technology Critical To Its Future Success - Forbes - January 10th, 2023 [January 10th, 2023]
- Industrialization 3.0 - How Technology, Wall Street, And The Government Can Help The US Win In A World Of Re-Industrialization - Forbes - January 10th, 2023 [January 10th, 2023]
- Connect with aspirational India through technology and work in interest of world: Anurag Thakur to NRIs - Economic Times - January 8th, 2023 [January 8th, 2023]