How To Buy Equipment

Open to the Public
  • Mine Source Auctions does not restrict who can bid/buy equipment.
  • Any individual, company or industry can bid/buy any of the listed equipment.
  • To bid you must sign up for a free account.
Online Auctions

  • Mine Source Auctions is exclusively online.
  • All bidding takes place via a computer on the internet.

Opening Bid

  • The seller sets an Opening Bid amount for each piece of equipment.
  • The Opening Bid is essentially a reserve price for that piece.

Placing a Bid

  • A registered bidder places a bid at the Opening Bid amount or higher.
  • This starts (kicks off) the auction for 5 business days (unless otherwise posted)
  • During the 5 business days other registered bidders can place a higher bid.
  • Bidding increases in 5% increments
  • If you are outbid, you can keep resubmitting a higher bid until time runs out.
  • You will be notified by email when you are outbid. (Do not exclusively reply on this email notification for bidding as it may get caught in cyberspace or junkmail.)

The Opening Bid amount is too high – Can I make an offer?

  • Yes, click the Make an Offer button and you may offer an amount less than the Opening Bid to the Seller.
  • Your Offered amount is a legally binding offer for three (3) business days.
  • The owner has three (3) business days to accept or decline your offer.
  • Should the owner accept your offer within three (3) business days, your offered amount will become the new Opening Bid amount and the auction will commence as per usual, remaining open to further bidding for five (5) business days.

When Do Auctions Close?

  • Auctions always close at 2:00pm Eastern Time on the day indicated.
  • Take note of your time zone (ie: if you are located in Central Time, auctions will close at 1:00pm)
  • You should always watch auctions leading up to the closing time as you may not receive the email outbid notification in time to resubmit a new bid.

Extended Bidding

  • If a bid is received during the final 3 minutes of an auction, the auction will extend for an additional 3 minutes.
  • 3 minute extensions will continue as long as bidding continues.

Equipment Locations

  • Equipment is located at the sellers' property.
  • Please note the location for each piece in the item description.

Winning an Auction

  • Should you win an action item you will be automatically emailed an invoice from Mine Source Auctions.
  • Payment, plus applicable taxes, is payable to Mine Source Auctions within five (5) business days of an auction closing and can be made via wire transfer, credit card, Paypal, email money transfer, or certified cheque.
  • Other than applicable sales taxes, no other fees are charged.
  • There is NO Buyers premium.
  • Title is transferred on receipt of payment in full. All sales are final.
  • Mine Source Auctions will confirm by email once payment is received in full and provide logistic details for pickup.
  • Payments must be received in full prior to removal, loading and/or shipping.

Transportation and Loading

  • The auction winner is solely responsible for the loading and transport of equipment. Auction items are sold 'as is; where is'. Mine Source Auctions can provide buyers with a list of third party Transportation Companies, Freight Forwarders, and/or Customs Brokers for domestic or international shipments.
  • To encourage the sale of equipment, in many instances the Seller will load the equipment onto the Buyers trucks. Please check with Mine Source Auctions before placing your bid.
  • You have ten (10) business days to pick up the item, unless otherwise stipulated in the description of the item. Please remember, item must be paid in full prior to pickup.

Items for Export

  • If your item is for export, you will be required to initially pay all local applicable sales taxes. Once the item has been exported out of the country, the buyer will provide Mine Source Auctions export documentation as proof the equipment has been exported out of the country. Once the export documentation is received, Mine Source Auctions will reimburse the full HST/GST tax amount.
  • Mine Source Auctions will provide the buyer with a Commercial Invoice and NAFTA Form for customs purposes.

AutoBid

  • We understand you can’t always be at a computer at 2:00pm Eastern the day of an auction closing; no problem, you can place an AutoBid.
  • AutoBid will automatically bid on an item on your behalf by minimum increments.
  • AutoBid will ensure you are the highest bidder at the lowest possible amount.
  • Once the system reaches your maximum AutoBid amount, it will no longer place bids on your behalf.
  • You can rest assured that when you place your maximum AutoBid amount, it is confidential information and not revealed to other bidders.

Alert Me Function

  • Should you wish to monitor certain auction items without having placed a bid, simply click the Alert Me button for that particular item.
  • You are agreeing to receive two emails from Mine Source Auctions pertaining to each auction item.
  • Email #1: When the auction is triggered/begins.
  • Email #2: A reminder the morning the auction closes.
  • You may sign up to monitor as many items as you wish. This is a free service.

Shipping Quotes From VeriTread

  • Mine Source Auctions has partnered with VeriTread to help with your shipping needs.
  • The shipping quotes are provided by VeriTread using their own, simple to use system.
  • You do not need to use VeriTread when purchasing from Mine Source Auctions, it is simply a service offered to buyers on minesource.com.
  • VeriTread is a fair and secure online environment for shipping customers to connect with the industry’s best transportation providers.
  • VeriTread enhances this experience by proving a suite of innovative decision tools that empower its members to make smarter, more informed transportation decisions.

Equipment Inspection

  • Onsite inspections are encouraged and can be easily arranged through Mine Source Auctions.
  • Simply click on the Inspect button and fill out the details of when you would like an inspection.
  • You can also contact Mine Source Auctions at 705-671-2100 or info@minesource.com to arrange an inspection.
  • Please arrange a site inspection well in advance of the auction item’s closing date and time.
  • Mine Source Auctions works with our vendors to meet your desired schedule, however, the requested inspection time cannot always be met.

Special Vendor Approval Required Auctions

  • Auctions identified with this emblem require the bidder to contact Mine Source Auctions for approval to participate in this particular auction.
  • Generally these items require additional work to dismantle and/or load, requiring you, the bidder or your contractor, to follow site specific rules and regulations.
  • To participate in these auctions, please call Mine Source Auctions at 705-671-2100 or email info@minesource.com to learn about the site specific rules and regulations.
  • Other than this additional approval process, these auctions run in the exact the same way as ordinary auctions.

Stay up to date with the free newsletter.

  • New equipment is added to the site on a continual basis, usually Wednesday mornings.
  • A free weekly newsletter is sent out to inform buyers of new equipment being listed.
  • Sign up for the newsletter and stay informed.

Need additional assistance?

  • You can always speak with a Mine Source Auctions representative who will assist with any questions you may have.
  • Mine Source Auctions can be reached at 705-671-2100, Monday through Friday from 9:00 a.m. to 5:00 p.m. Eastern Time or by email info@minesource.com

  1. You control the reserve price ~ equipment will not sell for less

    • Equipment stays at your yard the entire time.
    • Equipment is not released until you are paid in full.

  2. Mine Source markets your equipment to the world

    • Mine Source is the largest auction dedicated to mining!
    • Mining buyers use Mine Source because it contains mining equipment. Period.

  3. Multiply buyers make bids on your equipment

    • Buyers from around the world compete for your equipment
    • Mine Source on average earns their sellers 45% higher returns than the reserve price!

  4. Mine Source handles all the details

    • Once your equipment is sold, Mine Source invoices the buyer.
    • Mine Source collects the funds from the buyer.
    • Mine Source remits the funds to you by wire transfer.

  5. The buyer takes the equipment away

    • Once you receive payment in full, the buyer then arranges pickup at your location
    • Equipment is sold: 'As is; where is'

Interested? Here are the next steps:

 

Take at least 7 pictures of your equipment from all angles. Include pictures of nameplates.

Gather specifications in detail.

Email pictures and details to info@minesource.com.

Mine Source personnel will upload your information.

You will receive an email to approve the listing.

Done. Buyers can start bidding!

93% of all auctions items are sold within one year.
 
sell prices average 45% higher than reserves
 
registered buyers list shows 110% annual growth

Contact Us

We aim to respond to all inquiries within one business day.