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Taseko Reports $32 Million of Adjusted EBITDA in the Third Quarter 2020

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This release should be read with the Company’s Financial Statements and Management Discussion & Analysis (“MD&A”), available at www.tasekomines.com and filed on www.sedar.com. Except where otherwise noted, all currency amounts are stated in Canadian dollars. Taseko’s 75% owned Gibraltar Mine is located north of the City of Williams Lake in south-central British Columbia. Production volumes stated in this release are on a 100% basis unless otherwise indicated.

VANCOUVER, BC, Oct. 26, 2020 /PRNewswire/ – Taseko Mines Limited (TSX: TKO) (NYSE American: TGB) (LSE: TKO) (“Taseko” or the “Company”) reports earnings from mining operations before depletion and amortization* of $35.7 million, Adjusted EBITDA* of $31.5 million and Net income of $1.0 million, or $nil per share, in the third quarter of 2020.

Stuart McDonald, President of Taseko, stated, “The price of copper continued its recovery in the third quarter, with the price increasing from an average of US$2.43 in the second quarter to just under $3.00 in the third quarter. This copper price gain contributed to our strong EBITDA and cash flow generation. Taseko’s cash position further increased this quarter to $73 million, up $9 million from the end of June. Sales for the quarter were 29 million pounds and we generated a healthy operating margin of nearly 40%.”

Mr. McDonald continued, “Through nine months, we have produced 98 million pounds of copper at Gibraltar, in line with our original guidance of 130 million pounds (+/-5%). Third quarter copper production was 29 million pounds. While we anticipated copper grade more in line with the life of mine average in the third quarter, the final benches of the Granite pit did not produce the copper grade we were expecting, and head grade for the period averaged 0.23%. Molybdenum production in the third quarter remained strong at 668 thousand pounds, due to both grade and recoveries.”

Russell Hallbauer, CEO and Director, commented, “At our Florence Copper Project, permitting and financing activities are progressing. The public comment period for the Aquifer Protection Permit concluded in October and the state agency is now reviewing and will be responding to submitted comments as required and we expect the final state permit to be issued in the coming weeks. The EPA is advancing their permitting work and we continue to anticipate the Underground Injection Control Permit to be issued in early 2021. On the financing front, discussions are ongoing with multiple parties for various funding opportunities. Financing activities continue to track well with permitting progress.”

*Non-GAAP performance measure. See end of news release.

“In March, after the price of copper dramatically declined, Taseko developed a short-term plan to respond to the lower pricing environment. The plan, which significantly reduced our costs since April, was effective and allowed the Company to maintain strong cash flow and continue to advance our Florence Copper Project. With a strengthening copper price this quarter, we began increasing mining rates in September resulting in slightly higher site spending over the second quarter. Going forward, the Pollyanna pit will be the main source of ore through mid-2021 at which point we expect to begin mining ore from the Gibraltar pit. Ore from the Gibraltar pit will require less energy to grind, resulting in substantial productivity and cost benefits.

Maintaining a healthy operating margin will continue to drive our operational decisions. The rebounded copper price has allowed us to revert to normal mining rates while continuing to generate robust cash flow for the Company. We will balance spending and operating margin with long-term mine plan requirements, as we have always done,” concluded Mr. Hallbauer.

Third Quarter Review

  • Earnings from mining operations before depletion and amortization* was $35.7 million, and Adjusted EBITDA* was $31.5 million;
  • Cash flow from operations was $31.0 million and the Company had an ending cash balance at September 30, 2020 of $72.7 million;
  • The Gibraltar Mine produced 28.9 million pounds of copper in the third quarter. Copper recoveries were 85.0% and copper head grades were 0.23%;
  • In March, management implemented a revised mine plan and budget for Gibraltar which reduced site spending over the last six months.  Although total site spending in the current quarter increased from the previous quarter due to higher mining rates, they were still 19% lower than the same quarter in the prior year;
  • Gibraltar sold 28.6 million pounds of copper in the quarter (100% basis) which resulted in $86.8 million of revenue for Taseko.  Average LME copper prices were US$2.96 per pound in the quarter and revenue also included positive provisional price adjustments of $4.4 million;
  • Net income (GAAP) for the third quarter was $1.0 million ($nil per share).  Adjusted net loss* was $5.8 million ($0.02 loss per share);
  • Gibraltar extended its five-year copper concentrate offtake contract, for roughly 50% of its production, for an additional year  which is expected to result in a 30% reduction in treatment & refining costs in 2021, reflecting the continued tight physical copper concentrate market conditions and the strategic demand for Gibraltar’s high quality concentrates; and
  • The Arizona Department of Environmental Quality (“ADEQ”) issued the draft Aquifer Protection Permit for the Florence Copper Project on August 6, 2020, which was followed by a public hearing and a public comment period which ended on October 12, 2020.

*Non-GAAP performance measure. See end of news release.

Outlook

  • Annual production guidance for 2020 remains unchanged at 130 million pounds (+/-5%); and
  • Preparations to begin mining the Gibraltar pit in 2021 commenced in the third quarter. This new mining sequence will reduce capital costs and provide operating efficiencies and improve operating costs.

HIGHLIGHTS

Operating Data (Gibraltar – 100% basis)

Three months ended

September 30,

Nine months ended

September 30,


2020

2019

Change

2020

2019

Change

Tons mined (millions)

23.3

24.7

(1.4)

72.3

74.7

(2.4)

Tons milled (millions)

7.5

7.5

22.6

22.1

0.5

Production (million pounds Cu)

28.9

33.0

(4.1)

98.1

92.5

5.6

Sales (million pounds Cu)

28.6

33.5

(4.9)

99.0

89.1

9.9

Financial Data

Three months ended

September 30,

Nine months ended

September 30,

(CDN$ in thousands, except for per share amounts)

2020

2019

Change

2020

2019

Change

Revenues

87,780

82,436

5,344

255,869

239,231

16,638

Earnings from mining operations before depletion  
and amortization*

35,705

12,317

23,388

91,964

46,692

45,272

Adjusted EBITDA*

31,545

7,906

23,639

87,751

32,811

54,940

Cash flows provided by operations

31,021

15,150

15,871

85,771

33,414

52,357

Adjusted net loss*

(5,754)

(20,561)

14,807

(19,066)

(52,451)

33,385

Per share – basic (“adjusted EPS”)*

(0.02)

(0.08)

0.06

(0.08)

(0.22)

0.14

Net income (loss) (GAAP)

987

(24,508)

25,495

(29,218)

(43,451)

14,233

Per share – basic (“EPS”)

(0.10)

0.10

(0.12)

(0.18)

0.06

*Non-GAAP performance measure. See end of news release.

REVIEW OF OPERATIONS

Gibraltar Mine (75% Owned)

Operating data (100% basis)

Q3
2020

Q2
2020

Q1
2020

Q4
2019

Q3
2019

Tons mined (millions)

23.3

20.5

28.5

25.8

24.7

Tons milled (millions)

7.5

7.7

7.5

7.8

7.5

Strip ratio

1.5

1.9

2.7

2.1

3.0

Site operating cost per ton milled (CDN$)*

$9.57

$7.66

$9.52

$10.46

$10.83

Copper concentrate






   Head grade (%)

0.228

0.281

0.259

0.253

0.249

   Copper recovery (%)

85.0

85.2

83.4

84.5

87.7

   Production (million pounds Cu)

28.9

36.8

32.4

33.4

33.0

   Sales (million pounds Cu)

28.6

39.3

31.1

33.3

33.5

   Inventory (million pounds Cu)

3.6

3.8

6.4

5.0

5.0

Molybdenum concentrate






   Production (thousand pounds Mo)

668

639

412

728

620

   Sales (thousand pounds Mo)

693

656

403

791

518

Per unit data (USD per pound produced)* 






   Site operating costs*

$1.85

$1.15

$1.64

$1.85

$1.88

   By-product credits*

(0.14)

(0.11)

(0.11)

(0.16)

(0.16)

Site operating costs, net of by-product credits*

$1.71

$1.04

$1.53

$1.69

$1.72

Off-property costs

0.29

0.30

0.29

0.32

0.33

Total operating costs (C1)*

$2.00

$1.34

$1.82

$2.01

$2.05

OPERATIONS ANALYSIS

Third Quarter Results

To-date, there have been no interruptions to the Company’s operations, logistics and supply chains as a result of the COVID-19 pandemic.  Heightened health and safety protocols continue to be implemented and monitored for effectiveness.  In light of the overall economic volatility experienced earlier this year due to COVID-19, management implemented a revised mining plan in March that reduced costs over the last six months while still maintaining long-term mine plan requirements.

Copper production in the third quarter was 28.9 million pounds.  Copper grades in the final benches of the Granite pit were lower than expected. Mining in the Granite pit was completed in early October. 

*Non-GAAP performance measure. See end of news release.

OPERATIONS ANALYSIS – CONTINUED

Total site spending (including capitalized stripping) increased by 10% over the previous quarter as the mining rate increased in accordance with the revised operating plan, but remained 19% lower than the third quarter of 2019.  Gibraltar has benefited from continued lower input costs, including diesel fuel which remained 25% lower than 2019 average prices in the quarter.  Shorter haul distances in the Pollyanna pit also contributed to lower spending.  The strip ratio for the third quarter was 1.5 to 1 and was lower due to less waste rock remaining in the Granite pit.

Molybdenum production was 668 thousand pounds in the third quarter, an increase from the prior quarter due to higher molybdenum grade, which also increased recovery.  Molybdenum prices were lower in the third quarter and averaged US$7.71 per pound compared to US$8.37 per pound in the prior quarter and US$11.83 per pound in Q3 2019.  By-product credits per pound of copper produced* was US$0.14 in the third quarter, an increase of US$0.03 over the prior quarter.

Off-property costs per pound produced* were US$0.29 for the third quarter of 2020 and consist of concentrate treatment, refining and transportation costs. These costs are in line with recent quarters relative to pounds of copper sold.

Total operating costs per pound produced (C1)* increased to US$2.00 from US$1.34 in the prior quarter, which was primarily due to lower copper production, a stronger Canadian dollar exchange rate, and a lower allocation of costs to capitalized stripping in the current quarter.

GIBRALTAR OUTLOOK 

Annual production guidance for 2020 remains at 130 million pounds +/-5%. 

With the Granite pit now complete, mining has transitioned to the Pollyanna pit which will be the main ore source in 2021. With a strengthening copper price, mining rates have been increased to normal levels. Gibraltar pit mining will commence in the first part of 2021 with ore release occurring in the second half of the year.  Ore from the Gibraltar pit is expected to require less energy to grind which will provide substantial productivity and cost improvements when processed.

Copper prices have recovered swiftly due to recovery in Chinese demand coupled with continued supply disruptions, most notably in South America. Many governments are now focusing on increased infrastructure investment to stimulate growth following the pandemic and the need for metals such as copper should result in increased near term demand.  The medium to long-term fundamentals for copper remain strong and most industry analysts are projecting ongoing supply constraints and deficits in the years ahead after the economic recovery, which should bring higher copper prices. Molybdenum prices have also started to recover since August, as demand has improved in key steel-making regions.

*Non-GAAP performance measure. See end of news release.

REVIEW OF PROJECTS 

Taseko’s strategy has been to grow the Company from the operating cash flow and credit quality of the Gibraltar Mine to assemble and develop a pipeline of complimentary projects.  We continue to believe this will generate long-term returns for shareholders. Our development projects are focused primarily on copper and are located in stable mining jurisdictions in British Columbia and Arizona.  Our current focus is on the near-term development of the Florence Copper Project.

Florence Copper Project

Management is pleased with the results of its Production Test Facility (“PTF”) which has provided valuable data to validate the Company’s modelled assumptions and operating parameters. This data is being used to refine operating plans for the commercial operation. Detailed engineering for the commercial facility is ongoing with the objective that it will be substantially completed ahead of the receipt of final permits and a final construction decision.

Steady state operation of the PTF was achieved in 2019 and the focus turned to testing different wellfield operating strategies, including adjusting pumping rates, solution strength, flow direction, and the use of packers in recovery and injection wells to isolate different zones of the ore body. The operating team has used physical and operating control mechanisms to adjust solution chemistry and flow rates and has successfully achieved targeted copper concentration in solution. Pregnant leach solution (“PLS”) grade in the centre recovery well (most representative of the performance of the commercial wellfield) achieved targeted levels and the SX/EW plant was producing at an annualized rate of one million pounds of copper cathode per year prior to switching to the rinsing phase of testing in late June 2020.  Data collected during this final rinsing phase will further inform commercial operations.

Two permits are required to commence construction of the commercial scale wellfield at Florence Copper, which is expected to produce 85 million pounds of copper cathode annually for 20 years.  These are the Aquifer Protection Permit (“APP”) from the Arizona Department of Environmental Quality (“ADEQ”) and the Underground Injection Control (“UIC”) Permit from the U.S. Environmental Protection Agency (“EPA”).

On August 6, 2020, the draft APP was issued by the ADEQ and a public comment period was initiated.  As part of the public comment period, a public hearing was held by the ADEQ on September 9. During this hearing, the Florence Copper Project received overwhelming support from local community members, local business owners, elected state officials and city councillors, a state senator and representatives from the technical services sector. The public comment period ended on October 12 and the ADEQ is reviewing comments received before issuing the final permit.

The EPA is also nearing completion of its technical review for the UIC permit and no significant issues have been identified.  While progress is being made, the COVID-19 situation in Arizona has had an impact on the EPA process and this has extended the timeline by a few months, but management still expects the project will be fully permitted in early 2021.

REVIEW OF PROJECTS – CONTINUED

The Company continued to advance discussions with interested parties regarding the potential sale of a minority interest in the Florence Copper Project, and the proceeds of any such sale could fund a significant portion of the capital required to develop the commercial operation. Discussions with potential lenders and other finance providers are ongoing. The Company targets having a committed financing package in place prior to receipt of the permits.   

Total net expenditures at the Florence Copper Project during the first nine months of 2020 were $13.3 million including operation of the PTF and other project development costs.

Yellowhead Copper Project

In January 2020, the Company announced the results of its technical studies on Yellowhead Mining Inc. (“Yellowhead”) which resulted in a 22% increase in recoverable copper reserves and significantly improved project economics. The Company filed a new NI 43-101 technical report dated January 16, 2020 (the “Technical Report”) on SEDAR. Yellowhead holds a 100% interest in a copper-gold-silver development project located in south-central British Columbia.

The Technical Report outlines a new development plan for the project, which includes an 817 million tonne reserve and a 25-year mine life with a pre-tax NPV of $1.3 billion at an 8% discount rate using a US$3.10 per pound copper price.  This represents a $500 million increase over the 2014 Feasibility Study completed by the previous owner. Capital costs of the project are estimated at $1.3 billion over a 2-year construction period.  Over the first 5 years of operation, the copper equivalent grade will average 0.35% producing an average of 200 million pounds of copper per year at an average C1 cost, net of by-product credit, of US$1.67 per pound of copper. The Yellowhead Copper Project contains valuable precious metal by-products with 440,000 ounces of gold and 19 million ounces of silver with a life of mine value of over $1 billion at current prices. 

The Company is focusing its current efforts on advancing the environmental assessment and some additional engineering work in conjunction with ongoing engagement with local communities including First Nations.  A focus group has been formed between the Company and high-level regulators in the appropriate Provincial Ministries in order to expedite the advancement of the environmental assessment and the permitting of the project. Management also commenced joint venture partnering discussions in 2020 with a number of strategic industry groups that are interested in potentially investing in the Yellowhead project in combination with acquiring the significant copper offtake rights.

In May 2020, the Company announced it has entered into an agreement with an Indigenous Nation regarding Taseko’s intentions to commence the regulatory approval process of the Yellowhead Copper Project. The agreement represents Taseko’s commitment to recognize and respect the Nation’s inherent right to govern its lands, and the importance of assessing the Yellowhead Copper Project in accordance with its values, laws, and community aspirations to make an informed decision on the project.

REVIEW OF PROJECTS – CONTINUED

New Prosperity Gold-Copper Project

On December 5, 2019, the Company announced that the Tŝilhqot’in Nation as represented by Tŝilhqot’in National Government and Taseko have entered into a dialogue, facilitated by the Province of British Columbia, to try to obtain a long-term solution to the conflict regarding Taseko’s proposed gold-copper mine currently known as New Prosperity, acknowledging Taseko’s commercial interests and the opposition of the Tŝilhqot’in Nation to the Project. While the details of this process are confidential, in order to facilitate a dialogue, the parties have agreed to a standstill on certain outstanding litigation and regulatory matters which relate to Taseko’s tenures and the area in the vicinity of Teztan Biny (Fish Lake). 

Aley Niobium Project

Environmental monitoring and product marketing initiatives on the Aley Niobium project continue. The pilot plant program commenced in the second quarter of 2019 has successfully completed the niobium flotation process portion of the test, raising confidence in the design and providing feed to begin the converter portion of the process. Completion of the converter portion of the pilot plant, which is underway, will provide additional process data to support the design of the commercial process facilities and provide final product samples for marketing purposes.

Note: Gibraltar is a contractual, unincorporated joint venture between Taseko Mines Limited (75% interest) and Cariboo Copper Corp. (25% interest). All production and sales figures are reported on a 100% basis, unless otherwise noted.

The Company will host a telephone conference call and live webcast on Tuesday, October 27, 2020 at 11:00 a.m. Eastern Time (8:00 a.m. Pacific) to discuss these results.  After opening remarks by management there will be a question and answer session open to analysts and investors.

The conference call may be accessed by dialing (888) 390-0546 in Canada and the United States, or (416) 764-8688 internationally.

The conference call will be archived for later playback until November 13, 2020 and can be accessed by dialing (888) 390-0541 in Canada and the United States, or (416) 764-8677 internationally and using the passcode 277617 #.

Russell Hallbauer
CEO and Director

No regulatory authority has approved or disapproved of the information in this news release.

NON-GAAP PERFORMANCE MEASURES

This document includes certain non-GAAP performance measures that do not have a standardized meaning prescribed by IFRS. These measures may differ from those used by, and may not be comparable to such measures as reported by, other issuers. The Company believes that these measures are commonly used by certain investors, in conjunction with conventional IFRS measures, to enhance their understanding of the Company’s performance. These measures have been derived from the Company’s financial statements and applied on a consistent basis. The following tables below provide a reconciliation of these non-GAAP measures to the most directly comparable IFRS measure.

Total operating costs and site operating costs, net of by-product credits

Total costs of sales include all costs absorbed into inventory, as well as transportation costs and insurance recoverable. Site operating costs are calculated by removing net changes in inventory, depletion and amortization, insurance recoverable, and transportation costs from cost of sales. Site operating costs, net of by-product credits is calculated by subtracting by-product credits from the site operating costs. Site operating costs, net of by-product credits per pound are calculated by dividing the aggregate of the applicable costs by copper pounds produced. Total operating costs per pound is the sum of site operating costs, net of by-product credits and off-property costs divided by the copper pounds produced. By-product credits are calculated based on actual sales of molybdenum (net of treatment costs) and silver during the period divided by the total pounds of copper produced during the period. These measures are calculated on a consistent basis for the periods presented.


Three months ended

September 30,

Nine months ended

September 30,

(Cdn$ in thousands, unless otherwise indicated) – 75% basis

2020

2019

2020

2019

Cost of sales

75,969

98,173

240,459

270,915

Less:





  Depletion and amortization

(23,894)

(28,054)

(76,554)

(78,376)

  Net change in inventories of finished goods

1,415

(1,272)

(3,026)

6,763

  Net change in inventories of ore stockpiles

4,186

(2,690)

4,729

(3,103)

  Transportation costs

(4,127)

(4,889)

(14,480)

(12,807)

Site operating costs

53,549

61,268

151,128

183,392

Less by-product credits:





  Molybdenum, net of treatment costs

(4,109)

(4,957)

(11,592)

(20,020)

  Silver, excluding amortization of deferred revenue

(54)

(308)

(436)

(588)

Site operating costs, net of by-product credits

49,386

56,003

139,100

162,784

Total copper produced (thousand pounds)

21,658

24,720

73,552

69,381

Total costs per pound produced

2.28

2.27

1.89

2.35

Average exchange rate for the period (CAD/USD)

1.33

1.32

1.35

1.33

Site operating costs, net of by-product credits (US$ per pound)

1.71

1.72

1.40

1.77

Site operating costs, net of by-product credits

49,386

56,003

139,100

162,784

Add off-property costs:





  Treatment and refining costs

4,254

5,792

18,070

15,898

  Transportation costs

4,127

4,889

14,480

12,807

Total operating costs

57,767

66,684

171,650

191,489

Total operating costs (C1) (US$ per pound)

2.00

2.05

1.72

2.08

NON-GAAP PERFORMANCE MEASURES – CONTINUED

Adjusted net income (loss)

Adjusted net income (loss) remove the effect of the following transactions from net income as reported under IFRS:

  • Unrealized foreign currency gains/losses; and
  • Unrealized gain/loss on copper put and fuel call options.

Management believes these transactions do not reflect the underlying operating performance of our core mining business and are not necessarily indicative of future operating results. Furthermore, unrealized gains/losses on derivative instruments, changes in the fair value of financial instruments, and unrealized foreign currency gains/losses are not necessarily reflective of the underlying operating results for the reporting periods presented.


Three months ended
September 30,

Nine months ended

September 30,

($ in thousands, except per share amounts)

2020

2019

2020

2019

Net income (loss)

987

(24,508)

(29,218)

(43,451)

  Unrealized foreign exchange (gain) loss

(7,512)

3,569

9,250

(9,378)

  Unrealized loss on copper put and fuel call options

1,056

518

1,236

518

  Estimated tax effect of adjustments

(285)

(140)

(334)

(140)

Adjusted net loss

(5,754)

(20,561)

(19,066)

(52,451)

Adjusted EPS

(0.02)

(0.08)

(0.08)

(0.22)

Adjusted EBITDA

Adjusted EBITDA is presented as a supplemental measure of the Company’s performance and ability to service debt. Adjusted EBITDA is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the industry, many of which present Adjusted EBITDA when reporting their results.  Issuers of “high yield” securities also present Adjusted EBITDA because investors, analysts and rating agencies consider it useful in measuring the ability of those issuers to meet debt service obligations.

Adjusted EBITDA represents net income before interest, income taxes, and depreciation and also eliminates the impact of a number of items that are not considered indicative of ongoing operating performance. Certain items of expense are added and certain items of income are deducted from net income that are not likely to recur or are not indicative of the Company’s underlying operating results for the reporting periods presented or for future operating performance and consist of:

  • Unrealized foreign exchange gains/losses,
  • Unrealized gain/loss on copper put and fuel call options, and
  • Amortization of share-based compensation expense.

NON-GAAP PERFORMANCE MEASURES – CONTINUED


Three months ended

September 30,

Nine months ended

September 30,

($ in thousands)

2020

2019

2020

2019

Net income (loss)

987

(24,508)

(29,218)

(43,451)

Add:





  Depletion and amortization

23,894

28,054

76,554

78,376

  Finance expense

11,203

10,425

32,435

30,215

  Finance income

(4)

(482)

(202)

(1,089)

  Income tax recovery

(580)

(9,853)

(6,372)

(24,794)

  Unrealized foreign exchange (gain) loss

(7,512)

3,569

9,250

(9,378)

  Unrealized loss on copper put and fuel call options

1,056

518

1,236

518

Amortization of share-based compensation expense

2,501

183

4,068

2,414

Adjusted EBITDA

31,545

7,906

87,751

32,811

Earnings from mining operations before depletion and amortization

Earnings from mining operations before depletion and amortization is earnings from mining operations with depletion and amortization added back. The Company discloses this measure, which has been derived from our financial statements and applied on a consistent basis, to provide assistance in understanding the results of the Company’s operations and financial position and it is meant to provide further information about the financial results to investors.


Three months ended
 September 30,

Nine months ended
September 30,

(Cdn$ in thousands)

2020

2019

2020

2019

Earnings (loss) from mining operations

11,811

(15,737)

15,410

(31,684)

Add:





  Depletion and amortization

23,894

28,054

76,554

78,376

Earnings from mining operations before depletion and amortization

35,705

12,317

91,964

46,692

Site operating costs per ton milled


Three months ended
 September 30,

Nine months ended
September 30,

(Cdn$ in thousands, except per ton milled amounts)

2020

2019

2020

2019

Site operating costs (included in cost of sales)

53,549

61,268

151,128

183,392






Tons milled (thousands) (75% basis)

5,595

5,660

16,965

16,550

Site operating costs per ton milled

$9.57

$10.83

$8.91

$11.08

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This document contains “forward-looking statements” that were based on Taseko’s expectations, estimates and projections as of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “outlook”, “anticipate”, “project”, “target”, “believe”, “estimate”, “expect”, “intend”, “should” and similar expressions.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These included but are not limited to:

  • uncertainties about the effect of COVID-19 and the response of local, provincial, federal and international governments to the threat of COVID-19 on our operations (including our suppliers, customers, supply chain, employees and contractors) and economic conditions generally and in particular with respect to the demand for copper and other metals we produce;
  • uncertainties and costs related to the Company’s exploration and development activities, such as those associated with continuity of mineralization or determining whether mineral resources or reserves exist on a property;
  • uncertainties related to the accuracy of our estimates of mineral reserves, mineral resources, production rates and timing of production, future production and future cash and total costs of production and milling;
  • uncertainties related to feasibility studies that provide estimates of expected or anticipated costs, expenditures and economic returns from a mining project;
  • uncertainties related to the ability to obtain necessary licenses permits for development projects and project delays due to third party opposition;
  • uncertainties related to unexpected judicial or regulatory proceedings;
  • changes in, and the effects of, the laws, regulations and government policies affecting our exploration and development activities and mining operations, particularly laws, regulations and policies;
  • changes in general economic conditions, the financial markets and in the demand and market price for copper, gold and other minerals and commodities, such as diesel fuel, steel, concrete, electricity and other forms of energy, mining equipment, and fluctuations in exchange rates, particularly with respect to the value of the U.S. dollar and Canadian dollar, and the continued availability of capital and financing;
  • the effects of forward selling instruments to protect against fluctuations in copper prices and exchange rate movements and the risks of counterparty defaults, and mark to market risk;
  • the risk of inadequate insurance or inability to obtain insurance to cover mining risks;
  • the risk of loss of key employees; the risk of changes in accounting policies and methods we use to report our financial condition, including uncertainties associated with critical accounting assumptions and estimates;
  • environmental issues and liabilities associated with mining including processing and stock piling ore; and
  • labour strikes, work stoppages, or other interruptions to, or difficulties in, the employment of labour in markets in which we operate mines, or environmental hazards, industrial accidents or other events or occurrences, including third party interference that interrupt the production of minerals in our mines.

For further information on Taseko, investors should review the Company’s annual Form 40-F filing with the United States Securities and Exchange Commission www.sec.gov and home jurisdiction filings that are available at www.sedar.com.

Cautionary Statement on Forward-Looking Information

This discussion includes certain statements that may be deemed “forward-looking statements”.  All statements in this discussion, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities, and events or developments that the Company expects are forward-looking statements.  Although we believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.  Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing and general economic, market or business conditions.  Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.  All of the forward-looking statements made in this MD&A are qualified by these cautionary statements.  We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by applicable law.  Further information concerning risks and uncertainties associated with these forward-looking statements and our business may be found in our most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities.

SOURCE Taseko Mines Limited

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Source: https://www.prnewswire.com:443/news-releases/taseko-reports-32-million-of-adjusted-ebitda-in-the-third-quarter-2020-301159928.html

Cleantech

The Renewable Energy Cows Come Home, Now With Green Ammonia

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Clean Power

Published on November 30th, 2020 | by Tina Casey

November 30th, 2020 by Tina Casey 


US farmers have been on the the front lines of the renewable energy revolution, and they are in the vanguard of yet another clean tech trend that could finally help the distributed wind industry get the attention it deserves. If all goes according to plan, farms across the country will sprout wind turbines attached to devices that spit out green ammonia for fertilizer and zero emission fuel.

Minnesota eyeballs renewable energy to make fertilizer and fuel from water and air, kicking natural gas and diesel off the farm (photo: US Department of Agriculture).

Renewable Energy & Green Ammonia

Distributed wind is a branch of the renewable energy field that usually gets overshadowed by the latest EV news or the biggest solar array or some such all. It refers to turbines that are used to generate electricity for on-site use, say at a factory or a farm. It also refers to turbines that feed directly into a local distribution system.

The turbines could be any size, but distributed wind is typically associated with smaller turbines, which is probably why the media spotlight rarely shines on it.

Nevertheless, the US Department of Energy is a big fan. They envision peppering the countryside with wind turbines that contribute to overall resiliency and security into the nation’s electricity supply, as part of a broader focus on renewable energy and distributed energy resources.

That brings us to the farmers. The problem is how to make a wind turbine or two worth the cost of installation. Green ammonia could provide the solution, by providing farmers with a value-added system that takes advantage of unused wind power at night or during other low-demand periods.

Green ammonia could also open up the wind turbine market to farmers with “stranded wind” assets, meaning they have plenty of wind but lack access to electricity transmission infrastructure. Ammonia can be transported by road, rail, or pipeline, so converting wind energy to green ammonia opens up new options.

The Rise Of The Green Ammonia-To-Table Farm, Eventually

Most of the world’s ammonia comes from fossil sources, so it is due for a green makeover anyways, regardless of the renewable energy angle. As applied to the distributed wind sector, the basic idea would be to deploy electricity from wind turbines to run a system that produces ammonia from water and air.

If that sounds a bit wacky, it would have just a few years ago, when the cost of renewable energy was still relatively high. Now that costs have come down, “splitting” hydrogen from water with electricity from wind and solar resources is becoming a thing, and extracting nitrogen from ambient air is already a thing. Add one nitrogen to three hydrogens and you get NH3, the formula for ammonia.

As for bottom line benefits, farmers who can deploy their own renewable energy resources to make their own fertilizer and fuel would get some relief from price spikes and uncertainty in the commodities market. That’s over and above the benefit of generating renewable electricity for use on site.

Green Ammonia & National Security

There being no such thing as a free lunch, there are a couple of wrinkles to smooth out before things get going.

One challenge involves tailoring an intermittent, variable renewable energy resource into a steady, reliable stream of electricity to power the green ammonia system.

The other challenge involves scaling down the system down to an appropriate size. Ammonia production involves a well known, proven technology called the Haber-Bosch process, but it is typically used in large-scale centralized facilities.

Easier said than done, but the payout could be huge. Our friends over at Farm Progress took a deep dive into the topic all the way back in 2011 through a research project and pilot plant under the University of Minnesota umbrella, and they noted that a domestic security issue is at work. With much of the nation’s fertilizer production moved overseas, the US food supply is all the more captive to global commodities markets.

Farm Progress also cited a 50% or more cut in greenhouse gas emissions related to growing corn in the Midwest under a locally produced green ammonia scenario, partly by removing natural gas from the ammonia supply chain and subbing in renewable energy.

Local ammonia production would also cut into greenhouse gas emissions related to transporting fertilizer over long distances.

In another interesting twist related to transportation, Farm Progress also noted that farmers in some regions have to compete with other users for access to freight rail for long distance shipping. Local ammonia production would relieve that bottleneck while providing long term supply chain security.

Thanks To The Deep State, Stranded Wind Energy Gets Unstranded

It’s been a long haul but the research is beginning to bear fruit. The University of Minnesota updated the project in February 2018 under the banner of helping farmers tap into their stranded wind assets. In addition to transportation and fertilizer production, the school focused on the use of green ammonia as a long-duration form of energy storage.

The UM project is part of the Energy Department’s ongoing REFUEL initiative, which aims specifically at deploying renewable energy to produce ammonia. That’s of interest from a political perspective, considering all the talk about “deep state” and what-not.

US President* Donald Trump has aligned himself with fossil fuel stakeholders, but throughout his term in office, the Energy Department has continued to promote green ammonia and other cutting edge technology that squeezes fossil resources out of the picture in favor of renewable energy.

There goes that pesky deep state again! Well, at least somebody is paying attention to global energy trends and working to ensure that the nation is not left mired in 20th century technology as the rest of the world pivots to a more sustainable economy, while also helping US farmers gain a new stream of revenue by tapping into renewable energy resources.

In its 2018 update, UM noted that the world’s leading engineering firms and ammonia producers, including Siemens, IHI Corporation, and Yara, were already dipping into the green ammonia economy. You can add CF Industries to the list, as the company recently announced a plan to add green ammonia system to its facility in Donaldson, Louisiana.

Renewable Energy & The Minnesota Connection

UM’s West Central Research and Outreach Center is actually overseeing a whole network of green ammonia research projects. One area is a whole-of-school effort focusing on technology, economics, and policy. Another is a boots-on-the-ground initiative aimed at deploying ammonia from the pilot plant to replace diesel fuel in tractors.

The school also won a 2018 REFUEL award that pairs it with the National Renewable Energy Lab in Colorado and the leading electrolyzer firm Proton OnSite, aimed at improvements in ammonia production technology.

The 2018 update also mentioned the possibility of using ammonia as fuel for grain dryers, which suck up a big slice of the agricultural energy pie.

“Grain drying is a major consumer of energy but is not one that matches well with current renewable energy technologies since high amounts of energy are required in a short duration of time,” UM observed.  “One possible answer may be in the form of ammonia.  The concept would allow for the use of ammonia seasonally as needed such as for fertilizer, transportation fuel, electrical energy generation, and then combusted in a grain dryer.”

It seems they have not let the grass grow under their feet. Last year the West Central Research and Outreach Center presented its vision for renewable energy and green ammonia at the 2019 Midwest Farm Energy Conference, taking note of new wind-friendly green ammonia technology that replaces a conventional condenser system with an absorption-based system (for those of you keeping score at home, that’s where the Proton OnSite connection comes in).

Aside from green ammonia, Minnesota is making quite a name for itself in the renewable energy field as it relates to sustainable farming. The state is also emerging as a leader in the fields of agrivoltaics and regenerative agriculture, with an eye on restoring soil in farmland that has been exhausted by generations of use.

Minnesota’s renewable energy profile is also benefiting from its network of rural electricity cooperatives, so stay tuned for more on that.

Follow me on Twitter.

*Developing story.

Photo: US Department of Agriculture. 
 


 


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Tags: ammonia, ARPA-E, CF Industries, distributed wind, DOE, Electricity, Energy, green ammonia, green hydrogen, Hydrogen, Proton OnSite, Renewable Energy, united states, university of minnesota, US, usda, WCROC


About the Author

Tina Casey specializes in military and corporate sustainability, advanced technology, emerging materials, biofuels, and water and wastewater issues. Tina’s articles are reposted frequently on Reuters, Scientific American, and many other sites. Views expressed are her own. Follow her on Twitter @TinaMCasey and Google+.



Source: https://cleantechnica.com/2020/11/30/the-renewable-energy-cows-come-home-now-with-green-ammonia/

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Energy

Zoomlion begeistert auf der bauma China 2020 mit intelligenten Baumaschinen der nächsten Generation und sichert sich Aufträge im Wert von über 3 Milliarden USD

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Zoomlion stellt auf der bauma China 2020 über 50 Sätze an Baumaschinen aus neun Produktreihen aus. Durch die Einführung neuer Produkte und Livestreaming-Veranstaltungen im Internet zur Interaktion mit globalen Kunden hat sich Zoomlion bis zum 26. November bei der bauma China Bestellungen in Höhe von insgesamt 20 Mrd. CNY (3,04 Mrd. USD) gesichert.

„Die Ausstellung präsentiert die High-End-Produkte der Generation 4.0 von Zoomlion und innovative Errungenschaften, die hinsichtlich der Intelligenz einen großen Schritt nach vorn darstellen”, so Guo Xuehong, Vice President von Zoomlion.

Mit hochwertigen, innovativen intelligenten Produkten an die Branchenspitze

Die Ausstellung von Zoomlion auf der bauma China 2020 bot einen Einblick in die Zukunft der Baumaschinen. So wurde beispielsweise eine intelligente Hebemaschine ohne Bedienungskabine, aber mit einem 5G-Fernbedienungszentrum präsentiert, das der Maschine „intelligentes” Berühren, Fühlen und Sehen ermöglicht.

Der ZTC-250NEV ist der weltweit erste elektrische LKW-Kran mit integrierter Bildverarbeitung, künstlicher Intelligenz und 5G-Kommunikation. Der kabinenlose Kran mit „Augen und Gehirn” erledigt intelligent gesteuerte Hebearbeiten per Knopfdruck.

Der Raupenkran ZCC18000 verfügt über die höchste Tonnage auf der gesamten Messe und hat eine hohe Hubleistung, die ihn zum perfekten Modell für das Heben von Windkraftanlagen an Land und an Offshore-Anlagen macht. Es ist mit der firmeneigenen No-Landing-Gegengewichtstechnologie von Zoomlion ausgestattet, die die Einsatzfläche um 60 % reduziert und eine branchenführende Hebeleistung bietet.

Zoomlion hat außerdem den ZT68J auf den Markt gebracht, eine selbstfahrende Arbeitsplattform mit geradem Arm, die mit ihrer Höhe von 67,5 Metern einen Weltrekord aufstellt und gleichzeitig eine bessere Leistung im Offroad-Betrieb und eine intelligente Steuerung garantiert.

Die Trockenmischanlagen des Unternehmens sind mit dem patentierten hochpräzisen automatischen Pulverdosiersystem Powerdos ausgestattet. Die intelligenten Funktionen wie Hohlausleger-Technologie, Kohlefaser-Betonrohr und Mensch-Maschine-Sprachinteraktion sowie ein intelligentes ETI-Steuerungssystem für Turmdrehkrane stießen bei den Besuchern der Messe ebenso wie dem weltweiten Online-Publikum auf große Begeisterung.

Während sich der globale Markt von den Auswirkungen der COVID-19-Krise erholt, setzt Zoomlion auf innovative Forschung und Entwicklung und freut sich auf die Zusammenarbeit mit allen Partnern. Der Aussteller veranstaltete einen 24-Stunden-Livestream in chinesischer und englischer Sprache, der es Kunden in aller Welt ermöglichte, an der bauma China 2020 teilzunehmen.

„Zoomlion hat seine Vision, die Errungenschaften der Branche zu teilen und die Branche mitzugestalten, nie geändert. Wir sind darauf vorbereitet, eine intelligente und perfekte Zukunft in Bezug auf umfassende Beratung, gemeinsame Beiträge und gemeinsamen Nutzen mitzugestalten”, erklärte Guo.

Informationen zu Zoomlion

Das 1992 gegründete Unternehmen Zoomlion Heavy Industry Science & Technology Co. (01157.HK) ist ein Unternehmen, das hochwertige Geräte herstellt und Maschinen, landwirtschaftliche Maschinen und Finanzdienstleistungen integriert. Das Unternehmen vertreibt heute mehr als 600 Spitzenprodukte aus 56 Produktlinien, die zehn wichtige Kategorien abdecken.

Foto – https://mma.prnewswire.com/media/1343696/image.jpg

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www.zoomlion.com

SOURCE Zoomlion

Source: https://www.prnewswire.com:443/news-releases/zoomlion-begeistert-auf-der-bauma-china-2020-mit-intelligenten-baumaschinen-der-nachsten-generation-und-sichert-sich-auftrage-im-wert-von-uber-3-milliarden-usd-819136293.html

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Energy

Zoomlion impressiona na Exposição bauma China 2020 com o lançamento de maquinários de construção inteligentes de última geração garantindo mais de US$ 3 bilhões em pedidos

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A Zoomlion está exibindo mais de 50 conjuntos de produtos de equipamentos de construção de nove linhas de produtos na bauma China 2020. Com novos lançamentos de produtos e eventos de transmissão ao vivo on-line para interagir com clientes globais, a Zoomlion fechou pedidos totalizando CNY 20 bilhões ( US$ 3,04 bilhões) na bauma China no dia 26 de novembro.

“A exposição destaca os produtos de ponta da geração 4.0 da Zoomlion e conquistas inovadoras que representam um salto qualitativo de inteligência,” disse o Sr. Guo Xuehong, vice-presidente da Zoomlion.

Assumindo a liderança no setor com produtos inteligentes inovadores e de última geração 

A exposição da Zoomlion na bauma China 2020 ofereceu um vislumbre do futuro dos maquinários de construção com uma demonstração de içamento inteligente sem a cabine de operação, mas com um centro de experiência de controle remoto 5G, a parte “inteligência” do equipamento tem a capacidade de tocar, sentir e ver.

O ZTC-250NEV é o primeiro caminhão guindaste elétrico do mundo que tem visão de máquina integrada, inteligência artificial e comunicação 5G. É um guindaste sem cabine, mas com “olhos e cérebro” para realizar tarefas de içamento inteligentes com o apertar de um botão.

O guindaste sobre esteiras ZCC18000 tem a tonelagem mais alta da feira, apresentando grande capacidade de içamento, o que o torna um modelo perfeito para içamento de energia eólica em terra e no mar. É equipado com a tecnologia de contrapeso de sobrecarga sem aterrissagem desenvolvida automaticamente pela Zoomlion, que reduz a área de operação em 60% e oferece o melhor desempenho de elevação do setor.

A Zoomlion também lançou a ZT68J, uma plataforma aérea automotora de braço reto que bate o recorde mundial de 67,5 metros de altura, garantindo melhor desempenho na operação fora da estrada e controle inteligente.

O equipamento de argamassa de mistura seca da empresa adota o sistema patenteado de dosagem automática de granulados com ultra-alta precisão patenteada Powerdos. As funções inteligentes, como tecnologia de lança oca, tubo de concreto de fibra de carbono e interação de voz homem-máquina e um sistema de controle inteligente ETI de guindaste de torre foram amplamente aclamados pelos visitantes da feira e pelo público mundial na transmissão ao vivo.

À medida que o mercado global se recupera dos impactos da COVID-19, a Zoomlion persiste com pesquisa e desenvolvimento inovadores e espera criar e compartilhar com todos os parceiros. O expositor apresentou uma transmissão ao vivo de 24 horas em chinês e inglês, permitindo que clientes em todo o mundo participassem da bauma China 2020.

“A Zoomlion nunca mudou sua visão de compartilhar as conquistas da indústria e co-construir a ecosfera do setor. Esperamos moldar um futuro inteligente e definitivo com base nos princípios de ampla consulta, contribuição conjunta e benefícios compartilhados,” disse o Sr. Guo.

Sobre a Zoomlion 

Fundada em 1992, a Zoomlion Heavy Industry Science & Technology Co., Ltd. (01157.HK) é uma empresa fabricante de equipamentos de última geração que integra maquinário de engenharia, maquinário agrícola e serviços financeiros. Atualmente, a empresa vende mais de 600 produtos de ponta de 56 linhas de produtos, cobrindo dez categorias importantes.

Foto – https://mma.prnewswire.com/media/1343794/image.jpg

FONTE Zoomlion

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SOURCE Zoomlion

Source: https://www.prnewswire.com:443/news-releases/zoomlion-impressiona-na-exposicao-bauma-china-2020-com-o-lancamento-de-maquinarios-de-construcao-inteligentes-de-ultima-geracao-garantindo-mais-de-us-3-bilhoes-em-pedidos-872461738.html

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Energy

Zoomlion cautiva en la exposición bauma China 2020 con el lanzamiento de maquinaria de construcción inteligente de próxima generación que asegura más de 3 mil millones de dólares en pedidos

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Zoomlion exhibirá más de 50 productos de equipos de construcción de nueve líneas de productos en bauma China 2020. A través de lanzamientos de nuevos productos y eventos de transmisión en vivo en línea interactuando con clientes globales, Zoomlion ha firmado pedidos por un total de 20 mil millones de yuanes chinos (3,04 mil millones de dólares) en bauma China a partir del 26 de noviembre.

“La exposición destaca los productos de alta gama de la generación 4.0 de Zoomlion y los logros innovadores que representan un salto cualitativo de inteligencia”, dijo el Sr. Guo Xuehong, vicepresidente de Zoomlion.

A la vanguardia en la industria con productos inteligentes innovadores de alta gama 

La exposición de Zoomlion en bauma China 2020 ofreció un vistazo al futuro de las maquinarias de construcción con una demostración de maquinaria de elevación inteligente sin cabina de operación, pero con un centro de experiencia de control remoto de 5G que le da a la parte “inteligente” del equipo la capacidad de tocar, sentir y ver.

El ZTC-250NEV es el primer camión grúa eléctrico del mundo que tiene visión artificial integrada, inteligencia artificial y comunicación de 5G, es una grúa sin cabina pero con “ojos y cerebro” para completar tareas de elevación inteligentes con solo presionar un botón.

La grúa sobre orugas ZCC18000 tiene el tonelaje más alto de la feria, con una gran capacidad de elevación que la convierte en el modelo perfecto para la elevación de energía eólica en tierra y mar. Está equipado con la tecnología de contrapeso de sobrecarga sin descanso desarrollada por Zoomlion que reduce el área de operación en un 60 % y ofrece un rendimiento de elevación líder en la industria.

Zoomlion también lanzó la ZT68J, una plataforma de trabajo aéreo autopropulsada de brazo recto que establece un récord mundial de 67,5 metros de altura, al tiempo que garantiza un mejor rendimiento en operaciones todoterreno y un control inteligente.

El equipo de mezcla de mortero seco de la compañía ha adoptado el sistema patentado de dosificación automática de polvo de ultra alta precisión Powerdos. Las funciones inteligentes, como la tecnología de brazo hueco, el tubo de hormigón de fibra de carbono y la interacción de voz hombre-máquina y un sistema de control inteligente de grúa torre ETI fueron ampliamente aclamados por los visitantes a la feria así como por la audiencia global de la transmisión en vivo.

A medida que el mercado global se recupera de los impactos de la COVID-19, Zoomlion persiste con la investigación y desarrollo innovadores que espera crear y compartir con todos los socios. El expositor organizó una transmisión en vivo de 24 horas en chino e inglés que permitió a los clientes globales participar en bauma China 2020.

“Zoomlion nunca ha cambiado su visión de compartir los logros de la industria y coconstruir la ecosfera de la industria. Esperamos dar forma a un futuro inteligente y definitivo en los principios de amplia consulta, contribución conjunta y beneficios compartidos”, dijo el Sr. Guo.

Acerca de Zoomlion 

Zoomlion Heavy Industry Science & Technology Co., Ltd. (01157.HK), fundada en 1992, es una empresa de fabricación de equipos de alta gama que integra maquinaria para ingeniería, maquinaria agrícola y servicios financieros. En la actualidad, la empresa comercializa más de 600 productos de última tecnología, organizados en 56 líneas que abarcan diez importantes categorías.

Foto – https://mma.prnewswire.com/media/1343795/image.jpg

FUENTE Zoomlion

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SOURCE Zoomlion

Source: https://www.prnewswire.com:443/news-releases/zoomlion-cautiva-en-la-exposicion-bauma-china-2020-con-el-lanzamiento-de-maquinaria-de-construccion-inteligente-de-proxima-generacion-que-asegura-mas-de-3-mil-millones-de-dolares-en-pedidos-800653658.html

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