Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Teck Resources (TSX: TECK.A and TECK.B; NYSE: TECK) is teaming up with SAAM Towage to deploy electric-powered tugboats at Neptune Terminal in Vancouver. These will be the first electric tugs operating in Canada, and their deployment supports Teck’s climate goals.
SAAM will supply two ElectRA 2300 SX tugs that will begin operation in the second half of 2023. Their use will eliminate over 2,400 tonnes of greenhouse gas emissions each year. The electric tugs are much quieter than diesel-powered boats, a fact that benefits marine life in the harbour.
The ElectRA tugboats are designed by Vancouver-based Robert Allan Ltd. And will be built at Sanmar Shipyards in Türkiye (Turkey).
Teck previously announced an agreement with Oldendorff Carriers to employ energy efficient bulk carriers for shipments of Teck steelmaking coal from the Port of Vancouver, reducing 45,000 tonnes of carbon dioxide per year, equivalent to removing nearly 10,000 passenger vehicles from the road.
Teck has also announced a pilot of a fully electric on-highway transport truck to haul copper concentrate between the Highland Valley copper operations in south-central BC and a rail loading facility in Ashcroft, British Columbia.
Teck’s climate action strategy also includes goals to reduce carbon intensity across operations by 33% by 2030 and be a net-zero operator by 2050.
