'From advanced analytics to machine learning to automation, our RACE21TM 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 Teck's position as a technology leader in our industry,' said
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, RACE21TM delivered initiatives expected to generate approximately
RACE21 enhanced operational performance in the following core areas:
Mine Optimization -
Processing Improvements -
Integrated Operations and Maintenance -
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 Teck's 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 RACE21TM initiatives follow Teck's 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
'RACE21TM represents the latest advancement in a long history of technology and innovation at Teck,' said
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 Statements
This 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 RACE21TM and Teck's 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 RACE21TM and other technology initiatives; assumptions regarding our ability to sell all production; assumptions the RACE21TM 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
About Teck
As one of
Contact:
Teck Media
Public Relations Manager
T: 604.699.4368
E: chris.stannell@teck.com
Teck Investor
Senior Vice President
Investor Relations and Strategic Analysis
T: 604.699.4621
E: fraser.phillips@teck.com
(C) 2022 Electronic News Publishing, source