The European Investment Bank (EIB) has agreed to provide a €500m ($576.19m) loan to Swedish engineering group Sandvik to support advanced research and development (R&D) in automated, digital and sustainable mining solutions.
This funding will bolster Sandvik’s R&D initiatives from 2026 to 2029, with activities concentrated in Sweden, Finland and Germany.
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The investment programme aims to accelerate the development of new cutting technologies, battery-electric mining equipment, tooling systems, and next-generation solutions for digitalised and automated mining and rock excavation.
EIB vice-president Karl Nehammer, responsible for operations in Sweden and Finland, said: “Europe’s industrial competitiveness depends on sustained investment in innovation and advanced manufacturing.
“Sandvik is a global technology leader, and this financing will help accelerate the development of automated, digital and sustainable industrial solutions that strengthen Europe’s strategic autonomy.”
Sandvik, known for its equipment, services and digital solutions for mining, manufacturing and infrastructure, has a long-standing relationship with the EIB.
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By GlobalDataSince 1999, the bank has financed four R&D programmes carried out by Sandvik.
Sandvik CEO Stefan Widing said: “We have a strong strategic focus on developing solutions that enhance productivity, safety and sustainability for our customers. The EIB financing supports our long-term research and development initiatives and provides flexibility to our overall funding strategy.”
The new financing aligns with multiple EIB Group strategic priorities, including the Innovation, Digital & Human Capital policy priority, the TechEU programme supporting digital and technological innovation, and the Critical Raw Materials strategic initiative.
Additionally, the project is expected to advance cross-cutting objectives related to cohesion, environmental sustainability and climate action.
In August this year, Sandvik introduced its AutoMine Surface Drilling Training Simulator, a tool designed to enhance operator skills and boost the efficiency of automated drilling operations.
