Finance underground haulage trucks (underground mining trucks) for hard rock and coal operations. $50k minimum, B/C credit considered, funding in about 1-2 weeks.
Tonnes moved per truck-hour is the metric that runs an underground hard rock mine. Underground haulage trucks, variously called underground mining trucks, low-profile trucks, or articulated underground dump trucks, are the production workhorse in ramp-access metal mines where the ore leaves the stopes on a truck rather than on a skip or conveyor. Availability is money. A truck waiting on the crusher queue or sitting in the maintenance bay is a truck not generating the cycle count that justifies the capital behind it. We finance underground haulage trucks for copper, gold, silver, zinc, lead, and hard rock industrial minerals operations across the major underground mining states.
The underground haulage truck market is led by Sandvik and Epiroc, with Caterpillar and Komatsu also competing in the segment. Sandvik's TH series and Epiroc's Minetruck MT series are the dominant platforms globally, and both have significant installed bases in North American underground operations. A new 50-tonne class underground truck runs from approximately $1.5 million to $2.5 million depending on specification. The 30-tonne class starts somewhat lower. Used units with documented service histories trade well below those figures and are a substantial part of what we finance.
Our minimum is $50,000 and our sweet spot is $100,000 and above for underground haulage trucks. B and C credit are evaluated on a case-by-case basis with the asset and operational context both factoring in. Application-only approval is available up to approximately $400,000, though most underground truck transactions exceed that threshold. Three months of bank statements is the typical documentation standard for larger credits, and most funded deals close in about one to two weeks.
Underground Haulage Trucks: What Makes the Credit Work
Underground haulage trucks are purpose-built for ramp-access mines and share very little with surface trucks despite superficial similarities. The key engineering features that matter to both operators and lenders are the low-profile body for height-restricted drives, the articulated frame for tight radius turns in mine ramps and oredrives, and the diesel engine that must perform in poorly ventilated underground environments where diesel particulate matter is a real regulatory constraint.
Engine tier and emissions compliance are increasingly important factors. Tier 4 Final and Stage V compliant engines are required in some jurisdictions and strongly preferred in others. An older Tier 2 or Tier 3 truck that cannot operate in a mine with diesel particulate matter regulations has restricted value, and that affects how we structure financing on older units. We ask about the mine's diesel emissions requirements when underwriting used trucks, because an asset that cannot legally work at the borrower's mine is not a good credit regardless of its mechanical condition.
Sandvik's TH series is differentiated by its AutoMine automation capability on newer models, which has meaningful implications for labor cost at mines running automated levels. Epiroc's Minetruck MT series competes directly on payload and cycle time. Both brands have strong rebuild and remanufacturing programs, and a properly documented rebuild changes the credit picture substantially. We finance trucks from both manufacturers and do not have a brand preference in underwriting.
Dump body condition and hoist cylinder health are often the clearest indicators of how hard a truck has been worked. A box that has been subjected to rock loading at high drop heights will show wear that tells a story about operating conditions. Hoist cylinder leaks that have been deferred suggest maintenance practices that extend to other systems. We take these inspection points seriously, which is why we recommend a third-party inspection on high-hour used trucks above $500,000 in value.
Where Underground Haulage Truck Demand Is Coming From
The principal driver of underground haulage truck demand in North America is the expansion of copper, gold, and silver underground operations driven by declining open-pit ore grades and new discoveries that are best accessed by underground methods. The Bingham Canyon complex in Utah has generated significant underground activity, and operations nearSalt Lake City, UTreflect the capital investment cycle in western copper.
In the Coeur d'Alene Mining District in Idaho, including operations nearCoeur d'Alene, IDandKellogg, ID, underground silver and base metal mines have historically run ramp-access operations and continue to require replacement and expansion fleet financing. These operations are well-suited to the underground truck financing structures we provide.
Gold operations in Nevada and Alaska also use underground haulage trucks where ore is accessed via decline or ramp systems. Operations nearElko, NV, the hub of Nevada gold mining, include multiple underground operations that have needed truck financing at various points in their capital cycles. Our coverage ofgold mining equipment financingandcopper mining equipment financingspeaks to how we approach financing in these specific commodity contexts.
How the Financing Is Structured
Underground haulage truck credits are typically structured as equipment loans or finance leases with terms of five to seven years for new or recently rebuilt units and three to five years for older used equipment depending on condition and the documentation available. The higher dollar values in this category mean that most deals require financial documentation beyond application-only, though we try to keep that requirement to three months of bank statements for deals that do not require deep income analysis.
Where an operation has multiple trucks to finance, we package them into a single credit facility when that makes sense. Fleet facilities reduce administrative friction and can improve advance rates because the lender is holding a pool of assets rather than a single unit. Two or three underground trucks under a single facility is a common structure for mines adding haulage capacity ahead of a production ramp.
Sale-leaseback on paid-off underground trucks is a structure that works particularly well when a mine has completed its initial fleet buildup on borrowed capital and has since retired those loans. The trucks are paid off, they are in service, and they have value. A sale-leaseback converts that value to cash that can fund the next round of capital equipment, development work, or working capital.Sale-leaseback financingon underground trucks is operationally neutral; the trucks stay underground and keep cycling.
For operators considering how underground haulage truck financing compares to the broader menu ofmining equipment leasingoptions, we walk through the lease-versus-loan trade-off in terms of tax treatment, end-of-term options, and cash flow structure so you are choosing the right instrument rather than the most familiar one.
What Equipment and What Buyers Qualify
New underground haulage trucks from OEM dealers qualify with standard documentation. Used units purchased through equipment auctions, dealer inventories, or private-party transactions qualify when the condition and title can be established. Rebuilt trucks from OEM remanufacturing programs or certified independent rebuilders qualify when the rebuild scope is documented.
Buyers who qualify include operating underground mines with production history, contract mining companies running underground sections under production agreements, and mine development companies with a clear path to production. Startups face higher documentation requirements and tighter advance structures but are not automatic declines when the project fundamentals are solid and the management team has relevant experience.
B and C credit buyers are evaluated on the totality of the picture. A mine that went through a commodity price cycle, a production ramp delay, or a one-time event that damaged the credit score is a different risk profile from an operation with persistent cash flow problems. We look at the specifics. For the most challenging credit situations, ourbad credit equipment financingpage describes how we approach those credits and what typically helps or hurts the deal.