KEY TAKEAWAYS
- Komatsu sales declined 28% YoY to 1,690 units in 5M26 as mining customers maintained a cautious stance following lower RKAB allocations, although the Agro segment provided a partial offset with stronger demand.
- PAMA’s overburden removal fell 8% YoY to 398.6 mn bcm, reflecting tighter RKAB quotas and lower stripping requirements as mine owners prioritized cost efficiency.
- Coal sales declined 6% YoY to 6,204k tons, while gold sales recovered to 8k oz in May following the resumption of Martabe operations, providing an early sign of recovery.
- Nickel ore sales remained relatively stable at 697k wmt (-1% YoY), with the outlook supported by a higher RKAB quota granted to Nickel Industries Limited (NIC) for 2026.
Regards, Aldiracita Research