Can you provide a summary of Torsa's performance in 2023?

Overall, 2023 was a good year for us. We grew more than 70% compared to 2022, which was a challenging year. We achieved solid financial figures and stability, consolidating our position in most industries with diverse clients. Antamina has been a strong client, and we demonstrated excellent operational indicators in Antamina, Marcobre, and Antapaccay.

Additionally, we expanded our presence in three new markets. We sold seven collision avoidance kits to Drummond in Colombia and ventured into the agroindustry in Peru, securing three major clients. In Peru, we conducted tests to measure temperature, relative humidity, and ethylene. We also initiated a second phase in Chile, collaborating with one of Glencore’s operations to develop an innovative collision prevention solution for small spaces using artificial intelligence cameras. The conceptual engineering has been completed, and we are currently training and refining the AI, aiming to deliver the final product in September 2024.

What potential does this new collision avoidance technology have in Peru?

This technology will open new opportunities in the underground mining market and confined spaces, as well as various plant settings. It will enhance our current collision avoidance system, utilizing artificial intelligence cameras for precision at short distances. The combination of our existing LiDAR-based system with the added camera provides a dual-sensor approach, allowing us to recognize people or objects more accurately and alert the operator more effectively.

Furthermore, this combination allows us to gather more information and offer advanced functionalities. In our market, beyond selling equipment, the crucial aspects are data collection and analysis through data science and analytics. We aim to provide clients with a detailed analysis, identifying issues and suggesting improvements.

How is Torsa’s business model evolving?

We are transitioning from a model based on selling equipment to one focused on providing a complete solution guided by tangible results. With Antamina, we are moving toward a "Solution as a Service" model, offering a comprehensive solution with software and hardware as a monthly rental service. Antamina is progressively aiming for zero accidents, and we will be part of the plan. 

This shift involves shared risk. Unlike some providers that operate without penalties, we are committed to delivering an effective solution that incentivizes positive outcomes. In the next month, we will officially announce the contract award with Antamina, involving 22 units, with additional provisions to expand to 169 trucks.

We anticipate that the trend of payment for results rather than just services will grow, and we aim to position ourselves as leaders in this evolving landscape.

Can you provide details about your activities with Antapaccay?

In Antapaccay, we received a safety award last year. We initiated a global campaign to listen to our clients, organizing sessions with various Torsa representatives worldwide. From this campaign last year, 14 projects emerged with Antapaccay, of which we are already developing three.

One project involves a guided camera system for bay entry, addressing the challenge of large trucks unable to see small objects or people when entering the bay. We designed a roof-mounted camera system integrated with Torsa's screen to provide the operator with a real-time view of the layout, preventing potential accidents. Another project includes a vibration monitoring system and measuring suspended particles in cabins, with applications to control pollution generated by trucks. 

Can you elaborate on Torsa’s relationship with OEMs?

We have a very good relationship with Caterpillar and its distributor, Ferreyros, in Peru, as well as with Sitech and Komatsu. On March 1st, we will make a significant announcement regarding OEMs. Our solutions are agnostic which means we do not have to restrict ourselves to one product or brand. 

What can we expect from Torsa in the coming months?

This year, our attention will shift slightly away from Peru as we prioritize expanding into other Latin American countries. We have already started in Argentina, Chile, and Brazil, where we have successfully secured a distributor for collision avoidance and vibration monitoring systems. With Peru currently constituting 40% of our business, we project it to make up 20% starting next year, with the majority directed toward the broader Latin American region.