Weir Group continued to benefit from relatively high commodity prices, tightness in physical inventories of metals and minerals, and strong end market demand for commodities in the March quarter, registering a 22% boost in original equipment order growth in the three-month period.
The company said brownfield activity and sustainability projects were behind this leap in orders.
“Customers are ordering Weir solutions to debottleneck, expand and improve the sustainability of existing mines, while also increasingly engaging on new sustainability driven technologies, such as our redefined mill circuit and the Motion Metrics digital offering,” the company said in its results.
Weir Group’s “redefined mill circuit” encompasses Weir Minerals’ Enduron® high pressure grinding rolls, along with the additions of technologies from Eriez and Swiss Tower Mills (STM) Minerals, which are part of specific partnerships. These solutions are enabling it to redefine the mining mill circuit so customers can use less energy, use water wisely and create less waste during minerals processing, it says.
Weir Minerals recently announced the completion of the STM Minerals AG vertical stirred mill commissioning at the Weir Technology Hub in the Netherland. Regarding Eriez, the combination of pumps, cyclones, classification equipment, and other mill circuit products supplied by Weir Minerals, along with Eriez’s HydroFloat, StackCell®, columns and sparging systems, allows owners to take advantage of well-matched equipment designed and tested as a system, Weir says. This makes Weir a natural fit for contributing to Coarse Particle Flotation flowsheets, it added.
In terms of the Weir’s outlook, it said in its March quarter results: “The business is executing well and conditions in our mining markets are positive. High levels of activity and demand for our aftermarket spares and brownfield original equipment solutions are driving order book growth. Our guidance for 2023 is reiterated and we expect to deliver growth in constant currency revenue, profit and operating margin. We are on track to deliver our target of 17% operating margin in 2023, supported by operational efficiencies and early benefits from Performance Excellence.
“Further out, the long-term fundamentals for mining and our business are highly attractive, underpinned by decarbonisation, GDP growth and the transition to sustainable mining. We have a clear strategy to grow ahead of our markets, with specific growth initiatives underpinning our ambition to deliver through-cycle mid-to-high single digit percentage revenue growth.”