Weekly Wrap 08/12/2023

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Komatsu's Strategic Acquisition of iVolve

iVolve, specializing in mining and quarry fleet management systems, is now part of Komatsu.

The acquisition signifies Komatsu's commitment to the fleet management sector and belief in iVolve's potential.

Kim Parascos, iVolve CEO, anticipates growth and market expansion under Komatsu's umbrella.

Link to source

CSIRO Australia's Path to Net Zero

Australia has the tech to cut emissions in half by 2030, but it needs the mining and other high-emitting sectors to seriously buckle down.

The CSIRO report is like a roadmap, showing what needs to happen every ten years to hit net zero by 2050.

The focus? A massive shift to renewable energy, especially in electricity generation. It's not just about the environment; it's also about staying competitive globally.

Link to source

Link to report

Fortescue Embarks on Innovative 'Green Iron' Project with Hydrogen-Based Technology

Fortescue Metals Group is stepping up its game in sustainable mining with a new $50 million investment.

They're building a Green Iron Trial Commercial Plant in Western Australia, aiming to produce iron ore in a more eco-friendly way.

This plant will utilize green hydrogen technology, marking a significant move towards reducing their carbon footprint.

Set to start in 2025, the project is not just a leap for Fortescue but a big step for the mining industry's green transition.

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Fortescue's Green Hydrogen-Powered Excavator Begins Trials

Fortescue has started testing a groundbreaking (sorry) Liebherr electric excavator at their Christmas Creek iron ore operation.

This excavator, now runs on green hydrogen, marking a significant step in eco-friendly mining technology.

It is dubbed a Liebherr R9400E, which is a stock 9400 with an electric makeover, making it the first of its kind in Australia.

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Rio Tinto's $6.2bn Venture in Guinea's Simandou Iron Ore Project

Rio Tinto is set to invest a substantial $6.2 billion in developing the Simandou iron ore deposit in Guinea, with production expected to commence in 2025.

The investment in Simandou represents a significant portion of Rio Tinto's $30 billion capital expenditure plan over three years.

Rio Tinto's CEO, Jakob Stausholm, highlighted the exceptional quality of Simandou's iron ore, calling it the best globally and "the ore of the future."

Link to source

Google Unveils Advanced AI Model Gemini

Google introduces Gemini, an AI model surpassing ChatGPT in most tests, capable of advanced reasoning and handling multiple formats including text, audio, images, video, and code.

Gemini, available in three versions, will be integrated into Google products like its search engine and Bard chatbot, initially launching in over 170 countries excluding the UK and EU.

The most powerful version, Ultra, set for release in early 2024, will undergo extensive external testing and integration into Bard Advanced, with results shared with the US Gov.

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BHP Executive Leadership Reshuffle

BHP has announced significant changes to its executive leadership team, aiming to strengthen its capacity and expertise to navigate a complex and opportunity-rich operating environment.

• Vandita Pant is appointed as the new Chief Financial Officer, effective 1 March 2024. Vandita, who joined BHP in 2016, has over 20 years of experience in executive banking roles globally. She will succeed David Lamont, who remains with BHP in an advisory role until February 2025.

• Rag Udd will take over as Chief Commercial Officer from 1 March 2024. Rag, previously the President of Americas, has over 25 years in the global resources industry, contributing significantly to BHP's operations in North America, Australia, and South America.

• Brandon Craig has been named President Americas, starting 1 March 2024. Brandon, with BHP since 1999, has shown remarkable performance in managing integrated operations and has experience in various leadership roles across the company.

• Johan van Jaarsveld will become the Chief Technical Officer on 1 March 2024. Johan's experience spans over 25 years in the resources and finance sectors, with significant contributions in strategy, acquisitions, and divestments.

• Mike Henry, CEO of BHP, expressed gratitude for the contributions of outgoing executives David Lamont and Laura Tyler, acknowledging their roles in the company's transformation and advancement.

Elon Musk's xAI Eyes $1 Billion Investment Goal

Elon Musk's AI company, xAI, aims to raise up to $1 billion in equity investments, having already secured $134.7 million.

xAI, launched in April, focuses on understanding the universe's nature, with its Grok AI chatbot using real-time data from X (formerly Twitter).

The SEC filing indicates a minimum investment of $2 million from external investors, with a significant portion of the funding pre-arranged.

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That's the week, enjoy and let's do it all again next week!

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Harry Finn