Caterpillar eyes energy transition as growth driver for mining business

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

DALLAS, May 17 (Reuters) – Construction equipment maker Caterpillar Inc (CAT.N) 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…