Charles R. Goulding and Preeti Sulibhavi highlight how Sandvik is turning gold surges, U.S. acquisitions, and Swedish tech roots into a blueprint for industrial reinvention.
Sandvik’s Expanding Footprint: Mining, Manufacturing, and the Future of 3D Printing
Sandvik, the Swedish industrial engineering giant, is on a clear trajectory toward reshaping the future of mining, manufacturing, and digital engineering. Long known for precision tools and heavy machinery, the company has broadened its focus over the past few years. In 2024, Sandvik took bold steps—acquiring U.S.-based Cimquest and showcasing new gold crushing technologies in Mexico—signaling a deepening commitment to innovation, digital transformation, and high-value sectors like gold mining.
Let’s break down these developments and explore why Sandvik may be perfectly positioned for the next industrial shift.
Sandvik’s Roots and Rising Ambitions
Founded in 1862, Sandvik began as a steel company before evolving into a global leader in mining and machining technologies. Today, it operates in more than 150 countries with over 40,000 employees. For the fiscal year ending September 30, 2024, Sandvik reported net sales of approximately SEK 133 billion (around US$12.5 billion USD), reflecting steady growth despite macroeconomic uncertainty.
But the real story is not in the numbers alone. It’s in how Sandvik is adapting. With industry trends accelerating toward automation, digital manufacturing, and sustainable operations, Sandvik is making long-term bets on advanced materials, electric mining equipment, and perhaps most significantly, 3D printing.
Sweden’s 3D Printing Ecosystem
Sweden has quietly become a northern hub of 3D printing innovation. The country’s strong university-industry collaboration, government R&D incentives, and deep base of industrial firms create an ideal climate for additive manufacturing growth. As highlighted in Preeti’s 2020 Fabbaloo article, Sweden’s ecosystem has nurtured companies like Arcam (now owned by GE Additive), Höganäs, and of course, Sandvik.
Sandvik’s role in this ecosystem is growing. The company produces premium metal powders and builds parts using both Laser Powder Bed Fusion (LPBF) and Binder Jetting, with its 3D printing division headquartered in Sandviken. Recent developments include biocompatible titanium parts and wear-resistant superalloys for aerospace and medical applications.
Strategic Acquisition: Cimquest
In one of its most strategic moves of 2024, Sandvik acquired Cimquest, a New Jersey-headquartered value-added reseller (VAR) with multiple offices across the U.S. Cimquest specializes in CAD/CAM software, reverse engineering, and 3D scanning technologies. Their portfolio includes leading platforms like Mastercam, SOLIDWORKS, and a host of additive manufacturing tools.
More than a reseller, Cimquest operates as a trusted engineering solutions provider with deep ties in education, aerospace, and consumer product development. This acquisition doesn’t just give Sandvik reach—it gives them relationships, infrastructure, and technical depth across a key market.
As Andressa highlighted in her recent Fabbaloo article, Cimquest’s advanced scanning capabilities have been used in fields as diverse as heritage preservation and robotic prototyping. By bringing these tools into its portfolio, Sandvik now straddles the physical and digital in a more integrated way than ever before.
Crushing Gold the Smart Way
Perhaps the most dramatic story coming out of Sandvik this year is its breakthrough in gold ore crushing technology, showcased in a flagship project in Mexico. Using state-of-the-art machinery, Sandvik has replaced labor-intensive processes with automated crushers capable of increasing yield while reducing environmental impact.
This development carries symbolic weight. For those who recall 1998’s The Mask of Zorro, the depiction of enslaved laborers hand-crushing ore in the fictional El Dorado mine remains haunting. Sandvik’s modern machinery—deployed in real Mexican gold mines—is not just a leap in productivity, but a statement on progress and ethics in mining.
Timing is everything. Gold recently surged to historic levels, nearing US$3,000 per ounce, driven by inflation fears, geopolitical instability, and a weakening dollar. Rumors of former President Trump’s planned visit to Fort Knox and calls for a new audit of the U.S. gold reserves have only added to the buzz.
Sandvik’s cutting-edge equipment positions it at the heart of this gold rush—literally.
Electrifying the Mining Vehicle Market
Beyond crushing technology, Sandvik is also leading in electric battery-powered mining vehicles. These machines are designed for deep underground operations where ventilation is a challenge and emissions are deadly. With longer battery life, smart telemetry, and modular tool systems, these vehicles reduce downtime and operational costs.
A recent rollout of their TH665B battery-electric truck has received industry praise. Capable of hauling 65 tonnes on a single charge, it represents the bleeding edge of sustainable heavy machinery. Major mining firms in Canada, Australia, and Chile have already placed orders, signaling a shift away from diesel-based fleets.
R&D: Sandvik’s Engine of Growth
Sandvik has always believed in long-term investment, and 2024 was no different. The company invested over SEK 5 billion (~$470 million USD) in research and development this year. Key areas of focus include:
- Wear-resistant materials for aerospace and mining
- Digital twin platforms for equipment simulation and performance modeling
- AI-driven predictive maintenance
- Hybrid manufacturing, combining subtractive and additive methods
The goal is clear: build smarter machines, reduce waste, and offer services that go beyond equipment—into data, automation, and complete lifecycle management.
Why This Matters Now
Sandvik’s moves aren’t just reactionary. They’re strategic, timed with shifting global realities:
- Gold is up, and so is demand for efficient, scalable mining solutions.
- 3D printing is maturing, pushing into production-grade applications.
- U.S. manufacturing needs reinvention, and companies like Cimquest offer the know-how to make that happen.
- Sustainability regulations are pushing mines and factories to reduce emissions, making electric machinery a non-negotiable.
Taken together, Sandvik’s expansion into value-added tech—be it through smart mining vehicles or digital design solutions—seems less like diversification and more like deliberate reinvention.
Below are recent research and development investments that Sandvik has made.
The Research & Development Tax Credit
The now permanent Research and Development (R&D) Tax Credit is available for companies developing new or improved products, processes and/or software.
3D printing can help boost a company’s R&D Tax Credits. Wages for technical employees creating, testing and revising 3D printed prototypes are typically eligible expenses toward the R&D Tax Credit. Similarly, when used as a method of improving a process, time spent integrating 3D printing hardware and software can also be an eligible R&D expense. Lastly, when used for modeling and preproduction, the costs of filaments consumed during the development process may also be recovered.
Whether it is used for creating and testing prototypes or for final production, 3D printing is a great indicator that R&D Credit-eligible activities are taking place. Companies implementing this technology at any point should consider taking advantage of R&D Tax Credits.
Conclusion
Sandvik’s recent evolution is a textbook example of what smart industrial strategy looks like in the 2020s. The acquisition of Cimquest strengthens its grip on North American design and manufacturing workflows. Its breakthrough in automated gold crushing—at a moment when gold has captured headlines—couldn’t be better timed. And its investment in battery-powered machinery shows foresight in both sustainability and performance.
By combining old-world industrial know-how with new-school digital innovation, Sandvik is positioning itself as a leader not just in tools or machines, but in the future of engineered systems. And judging by its 2024 performance, that future looks golden.
