Sandvik recorded an 11% organic increase in mining orders in the third quarter, supported by demand for equipment, spare parts and services. Revenue from its tungsten-powder business more than doubled year on year as tighter supply and higher prices strengthened the market.
The Swedish engineering group’s Mining division generated approximately €1.75 billion in orders and €1.76 billion in revenue during the quarter. Organic revenue growth reached 23%, while adjusted operating earnings before interest, taxes and amortisation totalled around €383 million, representing a margin of approximately 21.8%.
Aftermarket Demand Drives Mining Equipment Orders
Aftermarket orders increased 16%, reflecting high equipment utilisation at producing mines and continued expenditure on maintenance, replacement parts and productivity improvements.
Equipment orders were broadly unchanged year on year. Excluding large individual contracts, however, underlying equipment demand increased 23%, indicating stronger purchasing activity across the wider customer base.
Sandvik identified brownfield investment as the main driver of mining-market growth, with established producers expanding existing operations, replacing equipment and improving productivity. Spending on greenfield developments and equipment replacement also contributed to demand. The results indicate that investment remains concentrated on operating mines, where equipment upgrades and efficiency improvements can support production, while new developments continue to face permitting, infrastructure and financing requirements.
Tungsten Powder Revenue More Than Doubles
Sandvik’s tungsten-powder business recorded more than a twofold year-on-year increase in orders and revenue, supported by significantly higher tungsten prices and tighter international supply.
Tungsten is used in hard metals, cutting tools, aerospace, defence and advanced industrial manufacturing. China remains dominant in primary production and processing, increasing the strategic importance of alternative supply chains.
Sandvik combines primary raw-material sourcing, recycling, tungsten-powder production and manufacturing of industrial cutting tools and related products. The company said this vertically integrated structure has become an increasingly important competitive advantage. Recycling can reduce reliance on imported primary tungsten and provide manufacturers with an alternative source of feedstock during periods of export restrictions or geopolitical disruption. The latest results underline the commercial importance of downstream processing alongside access to raw materials.
Rock Processing Orders Decline
Sandvik reported an 8% organic decline in orders in its Rock Processing division, partly reflecting a comparison period that included several large contracts.
No new mine-construction financing or public-sector funding was announced alongside the results. The reported figures represent customer orders and operating revenue, rather than new financing commitments from the European Investment Bank, Global Gateway or EU member states.
