Mining machinery is a general term for special machinery used in mineral mining, mineral processing and prospecting operations, covering mining machinery, mineral processing machinery and prospecting equipment.
It mainly serves basic industrial fields such as metallurgy, coal, and chemicals, and is also widely used in infrastructure such as transportation and water conservancy.
Judging from global non-ferrous metal exploration investment data, investment in mineral exploration and construction has declined in the past few years due to the increased difficulty in financing mining companies.
The non-ferrous metal exploration budget in 2025 will decrease by 0.6% compared with 2024, and the total global mining investment will also decrease slightly.
However, since 2026, metal prices have risen unilaterally. Currently, copper and gold prices are at historically high levels, and many leading mining companies around the world have announced further increases in capital expenditures.
For example, BHP Billiton raised its copper mine production guidance for 2026 in January 2026 and invested in the next ten years. It is expected to achieve about 2 million tons of attributable copper production in the 2030s.
Against this background, mining machinery is expected to enter a new upward cycle.
The mining machinery industry has high entry barriers. Under the trend of large-scale equipment, the market has cultivated a number of overseas leading mining machinery companies with large market capitalization and strong profitability, such as Caterpillar, Epiroc, Metso, etc.
The overall revenue and new order growth rates of leading overseas mining machinery companies are accelerating quarter by quarter, while domestic mining machinery companies are generally smaller in size and have greater room for improvement.
As Chinese mining companies accelerate their overseas expansion, mining machinery is facing opportunities to go overseas.
In 2024, China’s mining industry’s foreign investment flows will reach US$21.26 billion, a year-on-year increase of 115.21%, accounting for 11.1% of the total flow that year. Foreign investment and mergers involve 28 projects totaling US$6.56 billion.
The stock of foreign investment in the mining industry reached US$248.601 billion, a year-on-year increase of 28.47%.
In 2025, China’s mining machinery exports will reach US$5.866 billion, a year-on-year increase of 12.99%.
Global mines are transforming into green, low-carbon, safe, efficient, and less-manned, and the full life cycle economics of electrified and unmanned equipment continue to be highlighted.
Electric mining trucks can reduce energy consumption through braking energy recovery, and the recovery efficiency is particularly outstanding under no-load to heavy-load conditions.
As battery swapping technology matures, vehicles can quickly replenish energy in 3 to 5 minutes, effectively reducing downtime and improving equipment utilization. Centralized charging management can also optimize charging strategies, extend battery life, and facilitate step-by-step utilization and recycling.
In recent years, domestic mining trucks have actively deployed electric mining truck products. In addition to pure electric vehicles, they are also actively exploring diversified technical routes such as extended range and hydrogen fuel cells.
In terms of unmanned technology, foreign countries have started research and development of unmanned mining truck technology since the 1970s, with Japan’s Komatsu and the United States’ Caterpillar leading the world.
Although domestic driverless mining trucks started late, they are developing rapidly, and the industry has formed a clear collaboration pattern: with technology companies such as Tage Zhixing and Huituo Intelligence as the core technology, and jointly with main engine manufacturers such as Northern Co., Ltd. and Tongli Heavy Industry to jointly promote scenario testing and large-scale commercial implementation of driverless mining trucks in open-pit mines.
In short, Chinese mining machinery companies have good opportunities in overseas expansion and high-end development. Through the two-wheel drive of electrification and unmanned operation, they are expected to achieve greater breakthroughs in the international market.
