Global Machinery: Mining Equipment: Rock Solid Growth, Greenfield Outlook Improving

Research evidence excerpt

Global Machinery: Mining Equipment: Rock Solid Growth, Greenfield Outlook Improving

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10 Jul 2026 00:00:00 ET │ 23 pages

Global Machinery

Mining Equipment: Rock Solid Growth, Greenfield Outlook Improving

CITI'S TAKE

Klas Bergelind AC

We examine the results of our Global Mining Equipment Survey (which ran +44-20-7986-4018

from 17th June to 1st July 2026), which tracks forward-looking capex & klas.bergelind@citi.com

service spend intentions of 70 miners. Growth remains robust at HSD/MSD

rate 2027/28 and with greenfield intentions further increasing and now also Kyle Menges

spread across later years. The likely mid/downstream momentum following +1-212-816-1817

the current strong growth in upstream mining stands out and we see kyle.menges@citi.com

risk/reward particularly attractive in Buy-rated Weir on the theme.

Upstream mining also showing strength with drilling and mining trucks Graeme McDonald

demonstrating solid momentum with positive read-x into Buy-rated Epiroc +81-3-6776-4614

and CAT. Momentum visible in equipment pricing and across the service graeme.mcdonald@citi.com

verticals. Global Mining Top Picks are Buy-rated Epiroc, Weir and CAT.

Vivek Midha, CFA

Capex outlook strengthens — Over the next 12m, growth in equipment spend is +44-20-7500-0732

seen at +7.9% YoY vs. +7.3% in our last survey. For 2027/28, growth is seen at vivek.midha@citi.com

+7.2%/5.3%. The out-year 2028 growth is higher than the flattish growth in our Siron Ng

capex model with actual spend typically higher than initial estimates, adjusting

+44-20-7986-4393upwards as project approvals materialize.

siron.ng@citi.com

Commodity rankings remain unchanged — Copper and gold are retaining #1 and

#2 ranks respectively, other base metals (#3), iron ore (#4), platinum (#5), coal (#6)