J.P. Morgan Names Top Mining Equipment Stocks to Watch in 2026

Investing.com -- Brokerage J.P. Morgan has identified mining equipment makers as one of the most attractive pockets within the European capital goods sector heading into 2026, citing strong commodity fundamentals and improving order trends across mining projects.

In a recent research note, the broker highlighted several companies it believes are well positioned to benefit from rising investment in metals linked to electrification and resilient demand in gold mining, pointing to a group of equipment suppliers with strong technology portfolios and high aftermarket exposure.

Sandvik

Sandvik stands out as a key play on mining equipment demand, particularly because of its significant exposure to gold mining. J.P. Morgan notes that elevated gold prices, supported by ongoing geopolitical uncertainty, are likely to sustain strong investment in gold projects.

Sandvik’s drilling, rock processing and automation technologies give it a strong position in underground mining, while its large aftermarket business provides stable recurring revenues and supports margins through the cycle.

FLSmidth

FLSmidth offers meaningful leverage to the copper mining cycle, which J.P. Morgan sees as a major long-term investment theme tied to the global energy transition.

Copper demand is expected to grow as electrification accelerates through renewable energy, electric vehicles and grid expansion.

With its expertise in mineral processing technology and large-scale project engineering, FLSmidth is well placed to benefit as mining companies move ahead with new copper developments and capacity expansions.

Metso

Metso is another name the broker views positively within the mining equipment space.

The company has continued to see steady demand for its mineral processing solutions, including crushers and grinding technologies used across mining operations.

J.P. Morgan highlights Metso’s strong positioning in sustainable processing technologies, which are becoming increasingly important as mining companies focus on improving energy efficiency and reducing environmental impact.

Weir Group

Weir Group remains a major supplier of critical components used throughout mining operations, particularly in slurry transport and mineral processing.

J.P. Morgan points to the company’s strong aftermarket business model, which generates recurring revenues from maintenance and replacement parts.

This exposure helps cushion earnings during periods of weaker capital spending while positioning Weir to benefit when mining investment cycles strengthen.