FAQ

1.   Potential buyers browse the equipment listings.

2.    If you wish to bid on an item, you must Sign Up.

There is no cost to register.  Sign Up HERE.  You will be asked to read and agree to the Terms and Conditions.  Please read carefully as this is a legally binding agreement with Mine Source Auctions.  Once you have completed the simple one-step registration your account will be validated by a Mine Source Auctions representative. The validation may take upwards of 1 – 2 business days, please Sign Up well in advance of an auction closing. Once validated you are able to bid on any item.

3.       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 HERE for the free newsletter.

4.       Each piece of equipment has an “Opening Bid” price - you must bid this amount or higher.  To see the “Opening Bid” price you must be Signed Up for a free account –Sign Up HERE.

Every piece of equipment will be listed as “Opening Bid Required” until a registered buyer places an “Opening Bid”.  The “Opening Bid” will trigger or start the auction for that piece of equipment.

 That piece of equipment will remain open to other bids for the indicated amount of time, usually 5 business days.  Should you be outbid, you may bid again and again.  Your screen will indicate whether “You are the high bid” or “You DO NOT have the high bid.”  You will also receive an email stating you have been outbid.

Please take note of the equipment location.  Equipment locations vary.

All equipment is sold “As is; where is”.  The buyer is solely responsible for transport of equipment.

5.        Auctions will close at 2:00pm Eastern Standard Time on the day indicated. 

6.       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.

 

In order to place bids you must first Sign Up.  You can Sign Up HERE.
There is no cost to Sign Up.  Mine Source Auctions simply wants to ensure legitimate buyers are bidding on equipment.  Once you have completed the simple one-step registration your account will be validated by a Mine Source Auctions representative. The validation may take upwards of 1 – 2 business days, please Sign Up well in advance of an auction closing. Once validated you are able to bid on any item.

Once you have completed the simple one-step registration your account will be validated by a Mine Source Auctions representative. The validation may take upwards of 1 – 2 business days, please Sign Up well in advance of an auction closing.

You will also be sent an email from Mine Source Auctions, please click on the link within the email.

Once validated you are able to bid on any item.

New equipment is generally listed once per week on Wednesday mornings.  Our weekly email newsletter is also sent out Wednesday morning listed all newly listing equipment.  You can sign up for the newsletter HERE.

Mine Source Auctions sends out a free email newsletter once per week on Wednesday mornings.  The newsletter lists all new equipment to the auction for the week.  You can sign up for the newsletter HERE.

The equipment is located in various locations.  Once you click on each individual peice of equipment, it will state exactly where the equipment is located.  You, the buyer, are responsible for all transportation costs from the equipment location.

Yes, onsite inspections are encouraged and can be arranged calling Mine Source Auctions at (705) 671-2100 or email info@minesource.com .  Please arrange a site inspection well in advance of the closing date and time.

As this is used equipment, there are times when the supplier does not have a lot of information about the equipment.  In addition, as policy, Mine Source Auctions does not post mechanical fitness assesments of equipment.  We strongly encourage potentional buyers to perform site inspections.  Onsite inspections can be arranged by calling Mine Source Auctions at (705) 671-2100 or email info@minesource.com.  Please arrange a site inspection well in advance of the closing date and time.

Each piece of equipment has an ''Opening Bid'' (or Reserve) price - you must bid this amount or higher.  To bid you must be Signed Up –Sign Up HERE.

Equipment will be listed as “Opening Bid Required” until any registered buyer places an ''Opening Bid''.  The “Opening Bid” will trigger or start the auction for that piece of equipment.  That piece of equipment will remain open to other bids for the indicated amount of time, usually 5 business days.

No, you must bid the ''Next Minimum Bid'' amount or higher.

Yes, if you choose, you may place a bid higher than the ''Next Minimum Bid''.

This allows for adequate time to other potential bidders to perform site inspections or any other testing to the equipment.

It is seen as a time to accomotdate most people, in most time zones.  If this time does not work well for you to be at a computer, remember you can always use our AutoBid feature.  To learn more about AutoBid, click HERE.

We understand you can’t always be at a computer at 2:00pm EST the day of an auction closing.  No problem, you can place an ''AutoBid''.

How does it work?

Up until 12:00noon EST of the auction closing date, you may submit an ''AutoBid''.  An ''AutoBid'' is the maximum amount you are willing to pay for a specific piece of equipment.   The system will automatically place a bid for you making you the new high bidder.  The system will only use the minimum amount necessary for you to be next highest bid.  Once the system reaches your maximum ''AutoBid'' amount, it will no longer place bids on your behalf.

What if two buyers place the same “AutoBid”?

The system will notify the second buyer that an “AutoBid” has already been accepted at that amount and they must increase their “AutoBid” amount.

We understand you can’t always be at a computer at 2:00pm EST the day of an auction closing.  No problem, you can place an ''AutoBid''.

How does it work?

An ''AutoBid'' is the maximum amount you are willing to pay for a specific piece of equipment.   The system will automatically place a bid for you making you the new high bidder.  The system will only use the minimum amount necessary for you to be next highest bid.  Once the system reaches your maximum ''AutoBid'' amount, it will no longer place bids on your behalf.

What if two buyers place the same “AutoBid”?

The system will notify the second buyer that an “AutoBid” has already been accepted at that amount and they must increase their “AutoBid” amount.

You may offer the owner a value lower than the Opening Bid amount. The owner has three (3) business days to accept or decline your offer. Your offer is legally binding for the three (3) business days. 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. You will be notified via email should your offer be accepted or rejected. Should your offer be accepted, the auction will proceed as per usual, remaining open to further bidding for five (5) business days.

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.

No, you must place bids on a computer with an internet connection.  Remember, you must be Signed Up to see pricing and place bids.  Sign Up HERE.

Anyone with a verified account can bid on equipment.  The online auction is open to anyone, not just mining companies. We don’t restrict or limit potential buyers. To sign up for an account, please click HERE.

Yes, as stated in the Term and Conditions, once you place a bid you have committed to purchasing that particular piece of equipment.  Please remember, you may be outbid and would have to place another bid in order to win/purchase the equipment.

No, once you place a bid you may not retract your bid.  You have committed to purchase.

Should you wish to monitor certain auction items without having placed a bid, simply check the 'AlertMe' 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/begun.
Email #2: The morning the auction closes.

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.

Mine Source Auctions will immediately email you an invoice to the email address on your account.  Payment, plus applicable taxes, must be made to Mine Source Auctions within five (5) business days of auction closing and can be made via wire transfer, certified cheque (check) or cash.  Other than applicable sales taxes, no other fees are charged. Payments must be received in full prior to removal, loading and/or shipping.

We accept direct wire bank transfers, certified cheque (check), credit card, PayPal, or cash.

Yes, you can pay online.

Mine Source Auctions has partnered with PayPal to offer our clients the ability to pay online, via credit card or PayPal.

There is a 3% convenience fee for processing credit card and PayPal payments. Other forms of payment, wire transfer, email money transfer, certified cheque, and cash, are accepted without any additional fee.

Verify the amount to be paid is correct. Please note, there is a 3% convenience fee for processing credit card and PayPal payments.

Click on the Pay Now button.

You will be taken to PayPal's secure site to process the payment. You may pay with your credit card, you do not need a PayPal account.

After processing the payment on PayPal's servers, you will be directed back to minesource.com, confirming receipt of payment.

Mine Source Auctions will contact you to arrange pick up of your equipment.

The currency is stated on each individual piece of equipment.  You would pay for your item in that currency.

You have five (5) business days to make payment in full to Mine Source Auctions.

None to Mine Source Auctions.  Please remember you are purchasing the equipment 'as is: where is'.  Therefore, you (the buyer) will be responsible for shipping/trucking the item from its current location.  Should you bring the item into another country, you may be responsible for paying extra taxes or duties.

As a general rule, no.  Equipment is sold 'as is; where is'.  On occasion we find the supplier company will load the equipment.  Please inquire with Mine Source Auctions beforehand.

You have 10 business days after winning the auction to pick up your equipment.

Equipment is sold 'as is, where is'. It is the buyer's responsibility to arrange for transportation.

Please visit the ''Sell Equipment'' section of the website by clicking HERE.

Or contact a Mine Source Auctions representative by calling (705) 671-2100 or info@minesource.com.

Yes. Our scrap metal division is called scrapmine. scrapmine is how we market, sell, and track the sales of your scrap metal for you.

We, through scrapmine, market, sell, and track the sales of your scrap metal for you.

Please click the Forgot your username link at the top of the page or click HERE.

Or contact a Mine Source Auctions representative by calling 705-671-2100 or info@minesource.com.

Please click the Forgot your password link at the top of the page or click HERE.

Or contact a Mine Source Auctions representative by calling 705-671-2100 or info@minesource.com.

Please visit the ''Sell Equipment'' section of the website by clicking HERE.

Or contact a Mine Source Auctions representative by calling (705) 671-2100 or info@minesource.com.

The seller, with advice from Mine Source Auctions, sets the ''Opening Bid'' price. Ultimately it is the sellers decision.

No, bidders are not able to see who else is bidding on the equipment.  You can see that a bid has been placed and the amount, however, you cannot see who placed the bid.

Mine Source observes all of the statutory holidays of Ontario and is also closed during the week between Christmas and New Year's.

Holidays are not counted as business days for auction purposes.

We get paid on commission. If we don't sell your equipment then we don't get paid. There is virtually no risk for the seller as the seller still sets the reserve price and we work diligently to make sure top dollar is achieved for that equipment.

We may. In addition to the auction site, Mine Source Inc. also operates Mine Source Industrial. (industrial.minesource.com) Mine Source Industrial is dedicated to items, particularly Ball Mills, Rod Mills, SAG Mills, and complete plants, that Mine Source Inc. has on consignment with other companies. Click HERE to have a look at our inventory.

To discuss further, we can be reached at 705.671.2100 or info@minesource.com

We believe what makes Mine Source Auctions an interesting story is that we are just one part of an evolving sector of mining innovation. Some companies are servicing the mining sector around the world with ventilation technology and others are doing it with underground rail technology. We are doing it by utilizing our expertise in the field of USED mining equipment. There may be many out there selling new equipment but what happens to that equipment when it’s 15 years old, it still works, yet the big mining company wants to upgrade? There are many small and medium sized companies that desire this surplus equipment for their own operations. The challenge for most mining companies is they don’t know who needs what because that involves having developed networks around the world and a system for selling that equipment. That’s what Mine Source Auctions does. So, what makes us unique is our experience in this specific area and our ability to move equipment that in many cases companies have headed to the scrapyard. This is just another example of innovation and creativity in the mining supply and service sector and why we have developed an international reputation as world leaders in this sector. We are so proud to be a part of that.

We’d like to think of us as a modern day success story. We, two founding brothers, Matt and Mark Alexander are local guys who grew up around the mining sector and started our own company to help service the mining sector – not just in Sudbury, Ontario, Canada but also around the globe. In a nutshell, we are experts in helping companies sell their surplus mining equipment. We have over 50 years combined experience in this sector and have become world leaders in moving equipment that might be used and years old – but still worth tens of thousands of dollars in potential revenue for companies. We leverage our vast networks of people and companies who are in the market for buying used mining equipment and broker the deals for our clients. All they do is set the bottom line price and we do the rest. In many cases, businesses don’t even know what their used equipment is worth. At the end of the day, we are used mining equipment experts who help mining companies not only sell their used equipment – but also make profit off of it. This is a dramatic shift for mining companies because in the past they always had someone internally selling the equipment as an afterthought. They didn’t have anyone focused specifically on selling off equipment and because of that they didn’t have developed networks. This meant equipment often sold well below value. Good for the buyers but bad for the sellers. Now as experts in this area, this is starting to change. Companies want more corporate accountability when it comes to finances and resources – and they want more transparency in the process. These are the things we offer.

Well, it’s no big secret. We have the experience in this field and the networks to back it up. So, in the past, we simply helped our clients sell the equipment the old-fashioned way; we would work the phones calling small and medium sized mining companies we thought needed the equipment we were selling. We also have a weekly newsletter email that goes out to over 4000 key people in the sector around the world. And, we’ve had a lot of success with that process. For example, we had one client who had an old press it had to get rid. It was a huge press that stood four stories high. It was costing them thousands of dollars in rent for the building to house it -- and was going to cost thousands of dollars to dismantle. So, we got on the phone and reached out to our network of contacts. We called every tool and die shop and press shop along the eastern seaboard. We finally reached one company and convinced them they need it. We went from a press that was going to cost the company money to dismantle to earning them $65,000. Mine Source Auctions is the first of its kind in the world for used mining equipment. In essence, we list our equipment online and then open that equipment up for a secure but public auction. We let our contacts know ahead of time that this equipment is going up to ensure there is a competitive bidding going on. However, the bidding is open to anyone and not just mining companies. The buyer can be anyone and in some cases have been people who are just looking for a specific tool.

Still have questions?