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Caterpillar eyes energy transition as growth driver for mining business

By Bianca Flowers DALLAS (Reuters) - Construction equipment maker Caterpillar Inc (NYSE:CAT) believes demand for critical minerals as the clean energy transition gathers pace...
Caterpillar eyes energy transition as growth driver for mining business © Reuters. People visit heavy machinery of Caterpillar at Bauma China, the International Trade Fair for Construction Machinery in Shanghai, China November 27, 2018. REUTERS/Aly Song/Files

By Bianca Flowers

DALLAS (Reuters) - Construction equipment maker Caterpillar Inc (NYSE:CAT) believes demand for critical minerals as the clean energy transition gathers pace will translate to solid returns for its mining business, CEO Jim Umpleby said in an interview on Tuesday.

The company is aiming at a global market worth about $5 trillion for energy transition infrastructure between 2021 and 2040, Umpleby said.

"Mining capital expenditures have been relatively subdued over the last few years and we believe that will increase," he told Reuters after the company's investor day meetings.

Executives reaffirmed the heavy machinery giant's machinery, energy and transportation services annual revenue targets of $28 billion by 2026.

Increased demand of minerals will expand the total addressable marketing in renewables, Umpleby said. "That requires more mining equipment, which gives us an opportunity," he said.

Capital expenditures for mining in 2022 have already surpassed those of the previous eight years and the trend is expected to continue, with companies reinvesting in their fleets to replace aging equipment to step up operations.

Caterpillar's overall cash flow for capex spending increased to $346 million in 2022 from $252 million last year, with the company allocating investments towards scaling tech, artificial intelligence and environment, sustainability and governance services.

On Tuesday the company's board approved a new stock repurchase of $15 billion. Shares rose 2.1% on the news.

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28-03-2024 23:03:04 (UTC+7)

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 EUR/USD1.0798↑ Sell
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 USD/JPY151.34↑ Buy
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 USD/CAD1.3534↑ Sell
 EUR/JPY163.38Buy
 EUR/CHF0.9729↑ Sell
 Gold2,237.00↑ Buy
 Silver24.922Neutral
 Copper4.0023↑ Sell
 Crude Oil WTI82.56↑ Sell
 Brent Oil86.41↑ Sell
 Natural Gas1.724↑ Sell
 US Coffee C189.35↑ Buy
 Euro Stoxx 505,086.85Sell
 S&P 5005,254.30Sell
 DAX18,499.65Buy
 FTSE 1007,961.96↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,135.50Neutral
 IBEX 3511,075.50↑ Sell
 BASF52.930Neutral
 Bayer28.43↑ Sell
 Allianz277.60↑ Buy
 Adidas206.52↑ Sell
 Lufthansa7.297Buy
 Siemens AG176.81Neutral
 Deutsche Bank AG14.560↑ Sell
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Cập nhật lúc 18:53:18 28/03/2024
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