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Mining orders drop during Q4 at Sandvik

Kitco News

Sandvik said today that Q4 order intake for mining equipment declined at a low double-digit rate, with underground mining equipment noting the largest decline in relative terms.

Sandvik compared sales totals with orders from a year ago. Orders were down 7%. Excluding the impact of large orders, intake was off just 3%.

Sandvik said orders in the aftermarket business increased at a mid-single-digit rate.

For the year as a whole, order intake was up 1% compared to the year prior. Total excludes discontinued operations.

Sandvik said customer activity in the mining industry "remained stable at a high level."

The company said there was noted improvement for mining sales in China.

Sandvik Mining division acquired two mining companies during the year: battery-technology company Artisan and underground wireless technology provider Newtrax.

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