Sandvik acquires Canadian firm

EQUIPMENT major Sandvik's acquisition of private Canadian firm Newtrax, and Jolimont Global Mining Systems’ exit five years after it invested in the fast-growing mining technology company, adds to the M&A outbreak gathering pace in the mintech area.

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Sandvik buys Newtrax: More mining tech deals are brewing

Newtrax's annual revenues have grown fivefold in the past five years to circa US$20 million, making it a sizeable player in an expanding underground hard-rock mine wireless IoT market.