The Global Point

Research evidence excerpt

The Global Point

Point |

Friday, 10 July 2026

Top Call | Asia | Latin America | Western Europe | Key Rating and Target Price Changes

Top Call

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

Improving

We examine the results of our Global Mining Equipment Survey (which ran from

17th June to 1st July 2026), which tracks forward-looking capex & service spend

intentions of 70 miners. Growth remains robust at HSD/MSD rate 2027/28 and

with greenfield intentions further increasing and now also spread across later

years. The likely mid/downstream momentum following the current strong growth

in upstream mining stands out and we see risk/reward particularly attractive in

Buy-rated Weir on the theme. Upstream mining also showing strength with drilling

and mining trucks demonstrating solid momentum with positive read-x into Buy-

rated Epiroc and CAT. Momentum visible in equipment pricing and across the

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

Klas Bergelind | Kyle Menges | Graeme McDonald | Vivek Midha, CFA | Siron Ng

Global Mining survey: Mining companies’ Global Mining survey: Over the next 12 months,

equipment purchasing (CAPEX) intentions over for which of the following will demand be lower

the next 12 months or greater than average?

25% Crushing Equipment

20% ScreeningDrilling EquipmentEquipment

15% GrindingMiningEquipmentTools

10% Mining PumpsTrucks

5% SeparationFiltration EquipmentEquipment

0% Materials HandlingHydraulicEquipmentShovels

-5% ContinuousMining LoadingMining EquipmentEquipment

-10% Tractors/DozersHydraulic(CrawlerExcavators& Wheel)

-15% HaulageElectricSystemsShovel

-20% Pyro ProcessingDraglines