Epiroc said 350 positions would go at its Örebro facility and 75 at its Fagersta location. Half of the losses are production positions.
"We are taking these actions to adapt to the new market situation following the Covid-19 pandemic and to make us stronger and more resilient for the future," president and chief executive Helena Hedblom said.
The Örebro facility is a main manufacturing and research and development hub for the OEM's underground and surface equipment, along with service and spare parts supply. Fagersta is thenbase for Epiroc's rock drilling tools business.
It has about 3,100 employees in Sweden, out of its global workforce of approximately 14,000.