Weir: Mining technology resilient to COVID-19 shocks

British engineering firm Weir Group said resilient demand for mining technology, despite the lingering impacts of the COVID-19 pandemic, reflects the sector’s core importance to the company.
Weir: Mining technology resilient to COVID-19 shocks Weir: Mining technology resilient to COVID-19 shocks Weir: Mining technology resilient to COVID-19 shocks Weir: Mining technology resilient to COVID-19 shocks Weir: Mining technology resilient to COVID-19 shocks

The mining division benefited from its broad exposure to attractive commodities

Minerals orders fell 6% to £724 million (US$981 million) against a record high in the first half of 2019, with £83 million in Integrated Solutions orders alone.

Original equipment orders fell 11% from the previous first half, reflecting project delays related to Covid-19, but were up sequentially in the second quarter.

"In a first half dominated by the impacts of a global health crisis, the group's overall performance was highly resilient set against a backdrop of global ore production estimated to be down 15% from pre-Covid levels," said chief executive Jon Stanton.

"Minerals delivered an excellent set of results with orders down just 6% against an extremely strong prior year comparator."

Stanton noted that the mining division benefited from its broad exposure to attractive commodities such as copper, gold and iron ore and the diversity of its customer base, which includes a presence in every major mining region in the world.

This meant that it was able to fully meet customer demand, despite a number of manufacturing facilities being temporarily disrupted by government-mandated lockdowns.

He added that new product development in the period focused on helping to make mining operations smarter, more efficient and sustainable. This included working with key customers to develop ore hoisting and tailings management technology.