Ritchie Bros. held the first of what could become several huge mining sales in Raleigh-Durham, NC as the coal mining industry begins an adjustment to changing market conditions and environmental regulations.
On September 26-27th more than 2,100 registered bidders from around the global mining industry turned out for the Grand Opening auction, purchasing US$76 million in equipment by the end of the two days.
Over 60 massive Caterpillar D11 crawler tractors were among the more than 300 mining and earthmoving equipment items coming from coal mining operations throughout Kentucky and West Virginia. The sale marked the first time in the world a selection like that had sold in one day.
96% of Total Sales Purchased by Bidders Outside North Carolina
Buyers from as far away as Australia and Hong Kong joined those purchasing the huge earthmoving D11s on auction day, bidding either at the auction, online, or via simulcast after MINExpo in Las Vegas. In all, 96 percent of total sales were purchased by bidders outside North Carolina where the auction was held.
As with every Ritchie Bros. unreserved auction every item was sold, to the highest bidder, with no minimum bids or reserve prices.
Auction Quick Facts: Raleigh-Durham, Nc – September 26 & 27, 2012
- Gross Auction Proceeds – US$76+ million
- Amount sold to online bidders – US$31+ million
- Unique bidders (total) – 2,100+
- Unique online bidders – 1,300+
- Lots sold – 1,750+
- Number of sellers – 180+
“We are very happy with the results we achieved in the auction this week,” said David Stetson, Chief Restructuring Officer for Trinity Coal Corporation which consigned more than 60 Caterpillar D11 crawler tractors, more than 30 rock trucks, and more to the auction.
“The amount of heavy iron that we consigned to the auction had become non-strategic to our operations and the carrying cost of maintaining, financing and insuring that equipment necessitated that we take action to divest that equipment.”
“When we examined our options for one of the largest sales of heavy surface equipment, we knew it was critical to partner with a company that has international reach, an experienced management team, and ability to provide us the best strategy to quickly accomplish the sale. We found that with Ritchie Bros.”
Over US $7,000 raised for Charity
A charity auction was also held during the grand opening reception with an unreserved auction of items donated by local businesses. Over US $7,000 was generated with all proceeds donated to the Amran Shriners of North Carolina.
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