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Sandvik quarter aided by order for battery-electric mining equipment

Kitco Media
By Michael McCrae
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Sandvik stayed ahead of inflation in Q3, announcing a 30% profit jump in Q3 compared to the quarter before it.

The mining equipment manufacturer released its interim financial quarterlies today.

Free operating cash flow jumped. The company swung from negative -49 million Swedish kronor in Q2 to 3.634 billion (US$330 million) Swedish kronor in Q3. Order intake was up 2%.

In July Sandvik announced it was awarded a 330 million (US$29 million) Swedish kronor order for battery-electric mining equipment to supply equipment to the Foran Mining’s McIlvenna Bay project in Saskatchewan, Canada, which is designed to be the world’s first carbon neutral copper development project. Sandvik said it was the largest order to date for battery-electric equipment.

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Michael McCrae

Michael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties. He was co-founder and publisher of MINING.com, an award-winning news site. Before coming to media, McCrae worked in IT and banking. Please reach out: mmccrae@kitco.com or (514) 670-1383. You can also follow him at @michaelmccrae.

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