Finance haul trucks, electric shovels, blasthole drills, and dozers for surface mining operations. Any commodity, new or used, fast approvals.
Availability drives production, and production services debt. Surface mining economics reduce to that sentence regardless of the commodity. A fleet of haul trucks averaging 85% availability over a year is a fleet that runs on schedule. The same fleet at 72% availability forces overtime, deferred maintenance catch-up, and missed tons that cannot be recovered. Financing that closes before the season and funds the equipment that needs to be in service -- that is the timing that matters on the surface.
We finance the full range of surface mining equipment across all commodities: rigid-frame and articulated haul trucks, electric rope shovels, hydraulic mining excavators, large wheel loaders, blasthole drills, draglines, track dozers, motor graders, and associated support equipment. New dealer purchases, auction acquisitions, and private-party transactions between mining companies are all eligible. Minimum transaction $50,000. Application-only financing available up to roughly $400,000 without financial statement requirements for qualified borrowers.
Surface Mining Fleet: Asset by Asset
A surface mine's capital equipment falls into primary, secondary, and support categories that correspond to where each piece fits in the production cycle.
Primary loading-- The loading unit is the most capital-intensive asset per unit and the one around which the rest of the fleet is matched.Electric rope shovelsoffer the lowest operating cost per ton at high-production open-pit operations because they draw power from the grid rather than burning diesel.Hydraulic mining excavatorsoffer more flexibility in bench positioning and are the dominant choice at most modern surface operations where mobility is valued over absolute per-ton operating cost.
Haulage--Rigid-frame haul trucksin the 100- to 400-ton payload range move ore and waste from the shovel to the crusher or waste dump. Caterpillar 793 and 797 series, Komatsu 830E and 930E, and Liebherr T 264 are the major platforms. In tighter pit geometries or on weaker haul roads,articulated haul trucksprovide more maneuverability at lower payloads.
Drilling--Blasthole rotary drillsdrill the bench patterns that define each blast. Drill diameter and depth determine explosive loading and fragmentation; the drill must match the bench height and the target fragment size for the crusher. Caterpillar MD6 series and Epiroc Pit Viper platforms are common in North American surface operations.
Earthmoving and road maintenance--Large track dozerspush waste and manage dump geometry.Motor gradersmaintain haul road surfaces that, if neglected, increase tire wear and cycle times measurably.
New Iron, Used Iron, and the Auction Market
The secondary market for surface mining equipment is one of the most developed in the heavy equipment world. Ritchie Bros., IronPlanet, and the major mining equipment dealers run regular auctions and private sales of large mining iron from operations that have closed, right-sized, or upgraded their fleets. A 2018-vintage Komatsu 930E with a powertrain rebuild and 22,000 hours might trade at 55 to 65% of current new replacement cost, with documentation of the rebuild and condition.
For operators managing capital conservatively -- junior miners in pre-commercial production, contract miners without a major anchor contract, or operations where remaining mine life does not justify new iron -- the secondary market is the right answer.Used mining equipment financingapplies the same structure and terms as new equipment financing, adjusted for the asset's appraised value and age. We finance auction purchases, dealer used inventory, and direct transactions between mining companies.
New equipment purchases make sense when the production schedule is long enough to justify the capital, when major component rebuild costs of older equipment would approach new machine cost over the same period, or when the mining plan requires performance specifications that older machines cannot meet reliably. We finance new equipment through dealers or direct-from-manufacturer programs where available.
Timeline and Process
Surface mining equipment deals close fastest when the operator has a clear picture of the machine, a signed purchase agreement or letter of intent, and a complete application package. Application-only transactions under $400,000 can produce a decision within 24 to 48 hours and fund within five to seven business days. Larger transactions with full financial documentation take ten to fifteen business days from complete documentation to funding.
Pre-qualification conversations before you have an executed purchase agreement are genuinely useful. Knowing the financing structure and approximate terms before you negotiate the machine price puts you in a stronger position with the seller and eliminates surprises late in the process. Call us before you sign, not after, and the transaction moves more smoothly for everyone.
No-money-down financingis available for qualified borrowers on eligible assets. Down payment requirements depend on creditworthiness, the specific asset, and the transaction structure. We will be direct about what structure is available for your situation.