The Happy "Shovel Seller": Metal Bull Market "Boosts" Mining Equipment Suppliers

As the prices of non-ferrous metals such as gold, silver, and copper continue to rise, many listed mining companies are releasing positive performance forecasts. Behind the improving profitability of mining companies, mining equipment suppliers playing the role of “sellers” are also attracting increasing market attention. According to announcements, since 2026, several listed companies in the mining equipment sector, including Nape Mining Machinery, Nankuang Group, and Fushite, have been subject to intensive institutional research. Many interviewed companies stated that the high-level operation of metal prices is continuously driving downstream mining companies’ capital expenditure growth.

“According to our understanding, there is a significant upward trend in downstream customers’ willingness to increase capital expenditure,” said Nape Mining Machinery. As copper and gold prices continue to rise, the industry scale of the company’s sector will keep expanding, and demand for complete machines and spare parts will show long-term, highly certain growth.

Nankuang Group also stated that favorable metal prices stimulate capital expenditure, providing strong support for the current industry trend. Meanwhile, overseas mining investments by Chinese enterprises have become a trend. China’s high-end equipment is gaining global competitiveness, and the path for domestic substitution is extending overseas.

Faced with industry opportunities, many companies are accelerating their business transformation. Nankuang Group announced that it is shifting from an equipment manufacturing company to participating in mine operation and maintenance services, making aftermarket business a key to sustained growth. By building intelligent predictive maintenance platforms, the company is transforming from emergency repairs to predictive maintenance, with several projects already implemented and gradually generating revenue.

Fushite is also speeding up its transformation. The company stated that the international mining market has been a focus of its recent development, following domestic mining companies to go overseas, continuously increasing its overseas service network. The company has shifted from pipeline system maintenance to full lifecycle monitoring and systematic maintenance management of equipment, becoming a professional steward of mining equipment.

“In addition to the expansion demand driven by rising metal prices, the coming cycle of equipment renewal is also an important growth driver for the industry,” industry insiders analyze. The last global mining investment peak occurred from 2009 to 2015. Based on a 10 to 15-year equipment renewal cycle, 2024 to 2030 is entering a new peak period of equipment updates.

Meanwhile, mining equipment suppliers are also accelerating their overseas expansion alongside Chinese mining companies. In January this year, Jiangxi Copper Group signed strategic cooperation agreements with Fushite and Nankuang Group, deepening cooperation in mining equipment maintenance and overseas market development to create synergistic effects.

Nankuang Group stated that current overseas demand is strong. On one hand, there are still many undeveloped or slowly developed mineral resources worldwide; on the other hand, the demand for replacement of existing equipment is releasing. Thanks to the significant cost-performance advantages of its products and prompt overseas service responses, the company’s overseas business is experiencing rapid growth. Fushite said that it began planning overseas mining operations in 2024, following major domestic mining companies to go abroad, and has already established overseas service points in several countries.

Overseas capacity building is also progressing simultaneously. Nape Mining Machinery introduced that it is currently constructing factories in Chile and Peru. The Chilean factory is nearly completed, and once it receives government approval for completion, it will begin production. The Peruvian factory is expected to have production capacity by 2027. After both overseas factories are fully operational, the company will form a global production and service network.

The Shanghai Securities Journal noted that during this industry upcycle, many mining equipment companies are gradually extending upstream through acquisitions and shareholding, deploying mineral resources, and exploring new models driven by “operation + investment” to further expand growth potential.

In January 2026, Zhekuang Co., Ltd. announced its plan to subscribe for 100% equity of Alaigyr Company for 4.8853 million RMB, participating in the development and construction of the lead-silver mine in Kazakhstan; in July 2025, Nankuang Group signed a cooperation agreement with SucpassGold, involving gold mining operations in Zimbabwe.

“The company is currently prioritizing investments and operations in gold and copper mines,” Nankuang Group said. By making small resource investments to secure equipment sales and operational service orders, relying on operational services to obtain equipment application data, and feeding back into product technology iteration and optimization, the company is creating a closed loop of “investment—equipment—service—technology upgrade.”

(Source: Shanghai Securities Journal)