Sandvik secures major underground mining equipment order from Hindustan Zinc

Rhea-AI Summary

Sandvik has secured a significant order from Hindustan Zinc for underground mining equipment worth approximately SEK 345 million. The order was booked in Q2 2024, with deliveries scheduled through the end of 2024. This contract strengthens the long-standing partnership between the two companies and includes development drills, production drills, trucks, and loaders. Additionally, the deal offers substantial aftermarket value, enhancing productivity, safety, and sustainability in Hindustan Zinc's operations.

Mats Eriksson, President of Sandvik Mining and Rock Solutions, expressed his satisfaction with the expanded partnership and highlighted the benefits of Sandvik's advanced mining solutions.

Positive

• Secured a major order worth SEK 345 million.
• Strengthens long-standing partnership with Hindustan Zinc.
• Includes a comprehensive range of mining equipment: development drills, production drills, trucks, and loaders.
• Provides significant aftermarket value.
• Enhances productivity, safety, and sustainability in mining operations.

Negative

• Equipment delivery spread out until the end of 2024, which may delay immediate revenue recognition.

STOCKHOLM, May 23, 2024 /PRNewswire/ -- Sandvik has received an order from the Indian mining company Hindustan Zinc Limited to supply underground mining equipment at a value of approximately SEK 345 million. The order was booked in the second quarter 2024, and deliveries scheduled through the end of 2024.

The contract, which builds on a long-standing partnership between Sandvik and Hindustan Zinc, includes underground mining equipment and expands Hindustan Zinc's fleet of Sandvik equipment with more development drills, production drills, trucks and loaders. In addition to the equipment order, the deal also brings a significant aftermarket value.    

"We are very pleased to expand our partnership with Hindustan Zinc and again be selected to supply our advanced mining equipment. With our solutions we will support Hindustan Zinc's ambitious production plans, and help drive productivity, safety and sustainability in their operations," says Mats Eriksson, President of Sandvik Mining and Rock Solutions.

Stockholm, May 23, 2024
Sandvik AB

For further information, contact Louise Tjeder, VP Investor relations, phone: +46 (0) 70782 6374 or Johannes Hellström, Press and Media Relations Manager, phone: +46 (0) 70721 1008

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Sandvik secures major underground mining equipment order from Hindustan Zinc

 

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SOURCE Sandvik

FAQ

What is the value of Sandvik's order from Hindustan Zinc ?

The order is valued at approximately SEK 345 million.

When was the order from Hindustan Zinc booked?

The order was booked in the second quarter of 2024.

What types of equipment are included in the Sandvik order for Hindustan Zinc?

The order includes development drills, production drills, trucks, and loaders.

What additional benefits does the Sandvik-Hindustan Zinc deal offer?

The deal brings significant aftermarket value and enhances productivity, safety, and sustainability in Hindustan Zinc's operations.

When will the deliveries for the Sandvik order be completed?

The deliveries are scheduled to be completed by the end of 2024.