Epiroc and SANY Group’s newly announced “strategic partnership” brings together businesses currently generating more than US$10 billion of annual underground and surface mining equipment and aftermarket sales and comes after SANY Heavy Industry this month claimed to have signed circa-$700 million of mining deals at an event in China.
Hong Kong and Shanghai-listed SANY and Stockholm-listed Epiroc said they were exploring “opportunities for broader collaboration across selected areas in the mining and infrastructure industries”.
SANY’s recent Xi’an Global Mining Summit turned up the volume around what has been a deliberate, low-key expansion in mining for an enterprise established back in the 1980s as a maker of welding materials and then construction equipment. The company said “over 700 mining industry leaders” came to its showcasing of what is now a large surface mining truck and excavator line-up, plus multiple ancillary machines. It trumpeted the release of a 100-tonne hybrid mining truck, its “first autonomous pure electric mining truck” and enhanced Smart Mining Solution autonomy offering.
“SANY now holds over 35% of the global market for large-tonnage electric mining trucks,” the company said post-event. It also said it had deployed intelligent mining solutions “in over 20 large openpit mines worldwide, managing over 5000 intelligent machines”.
“The company secured intended orders exceeding RMB10 billion [$1.4 billion] and signed agreements surpassing RMB5 billion [$700 million].”
SANY Heavy Industry reported $12.4 billion of 2025 annual operating revenue and on its website puts 38.7% of that total under “mining machinery” sales.
Mining is a big part of its international growth. SANY said 64% of its 2025 revenue came from international markets which “now define SANY”.
“International business is no longer a growth segment – it is the core of our business.”
Epiroc slugs it out with Swedish compatriot Sandvik and US-based Caterpillar for global leadership in the growing underground mining equipment market. In something of an oddity, the three also compete fiercely in the surface drilling market.
Mining accounts for c80% of Epiroc’s annual revenues: $6.91 billion in 2025.
Epiroc ($33.6 billion) and SANY Heavy Industry ($25.44 billion) have a combined market capitalisation of about $59 billion versus Caterpillar’s current $418 billion market value.
“SANY’s innovations in electrification, equipment and smart manufacturing are truly impressive,” Epiroc tools & attachments business president Jose Manuel Sanchez said at a signing ceremony at SANY Industrial Park in Changsha, China.
“Epiroc leads mining and infrastructure applications in the fields of equipment automation, electrification and digitalisation.
“We look forward to combining our respective technologies and resources to deliver more efficient and sustainable solutions for customers worldwide, creating new value and energy resilience for the industry.”
SANY group director Lihua Tang described Epiroc as a “global leader in mining equipment technology” while emphasising SANY’s “significant advantages in new energy construction machinery and smart manufacturing”.
“This strategic partnership represents a major step forward in our globalisation strategy and will accelerate the transformation of the global mining industry towards low-carbon and intelligent operations.”
The SANY-Epiroc alliance follows UK-based MMD Group’s April announcement of a mining technology partnership with Hong Kong-listed CiDi.
