What to consider before you buy mining equipment

Purchasing mining equipment, and replacing parts and attachments is an enormous investment for any business, large or small. Before parting with your hard-earned cash, you should make sure you are getting the best deal possible to ensure liquidity and cash flow. There are many aspects to consider and conducting appropriate research is highly recommended, from a business perspective and for your own peace of mind.

With that in mind, keep reading for top tips to consider before you make the decision to buy mining equipment.

Should I buy new or used equipment?

As the saying goes, you get what you pay for. Buying used mining equipment will inherently come with a cheaper price tag and for some this is the only option; however, this should be avoided when it comes to safety equipment like a self contained breathing apparatus. Newer equipment will for the most part last longer and require less servicing, but it will come at a much higher price. However, the initial investment is not the only financial consideration you should be taking into account, whether it be for new or used equipment.

Mark Ackroyd, Managing Director of Resolute Equipment, part of the National Group suggests “if you choose to buy second-hand equipment, the cost and availability of parts and attachments should also be a key consideration. Used equipment will inherently need parts replacing due to general wear and tear over time, so it is wise to ensure the equipment you purchase has parts available that are cost-efficient and relatively easy to source. The better condition the equipment and it’s components are in, the cheaper it will cost over time. Often, components may have already been replaced that are in better working condition than expected, which will extend the life span and reduce the overall cost of your equipment.”

“Regardless of whether you decide to go with new or second-hand parts, it’s important to consider that mining equipment requires regular servicing in order to ensure the machinery is operating at an optimal level. Parts and attachments often have to be replaced, which over time can be costly. A cost-effective solution can help reduce overheads and therefore increase the profitability of your mining operations.”

Cost vs efficiency

In a similar vein to the new vs second-hand debate, cost and efficiency are two important points to weigh up and ideally strike a suitable balance between before you buy new or used mining equipment. It’s often a better option to purchase a more expensive unit, that will provide you with years of uninterrupted work rather than several cheaper pieces of equipment, each with a shorter life span and limited capabilities.

Mark Ackroyd, Managing Director of the National Group, which includes National Mining Services recommends you “consider the cost, efficiency and productivity of mining equipment. It is important that when facilitating mining services, your equipment does not let you down at critical moments. Mining is an expensive game and any down time on a mine site can cost a mining company thousands of dollars per hour of inactivity. Ensue your choice of equipment reflects the needs of your organisation and the ability to consistently meet project targets.”

Experience, experience, experience

Purchasing mining equipment, and replacing parts and attachments is an enormous investment for any business, large or small. Before parting with your hard-earned cash, you should make sure you are getting the best deal possible to ensure liquidity and cash flow. There are many aspects to consider and conducting appropriate research is highly recommended, from a business perspective and for your own peace of mind.

With that in mind, keep reading for top tips to consider before you make the decision to buy mining equipment.

Should I buy new or used equipment?

As the saying goes, you get what you pay for. Buying used mining equipment will inherently come with a cheaper price tag and for some this is the only option. Newer equipment will for the most part last longer and require less servicing, but it will come at a much higher price. However, the initial investment is not the only financial consideration you should be taking into account, whether it be for new or used equipment.

Mark Ackroyd, Managing Director of Resolute Equipment, part of the National Group suggests “if you choose to buy second-hand equipment, the cost and availability of parts and attachments should also be a key consideration. Used equipment will inherently need parts replacing due to general wear and tear over time, so it is wise to ensure the equipment you purchase has parts available that are cost-efficient and relatively easy to source. The better condition the equipment and it’s components are in, the cheaper it will cost over time. Often, components may have already been replaced that are in better working condition than expected, which will extend the life span and reduce the overall cost of your equipment.”

“Regardless of whether you decide to go with new or second-hand parts, it’s important to consider that mining equipment requires regular servicing in order to ensure the machinery is operating at an optimal level. Parts and attachments often have to be replaced, which over time can be costly. A cost-effective solution can help reduce overheads and therefore increase the profitability of your mining operations.”

Cost vs efficiency

In a similar vein to the new vs second-hand debate, cost and efficiency are two important points to weigh up and ideally strike a suitable balance between before you buy new or used mining equipment. It’s often a better option to purchase a more expensive unit, that will provide you with years of uninterrupted work rather than several cheaper pieces of equipment, each with a shorter life span and limited capabilities.

Mark Ackroyd, Managing Director of the National Group, which includes mining services companies recommends you “consider the cost, efficiency and productivity of mining equipment. It is important that when facilitating mining services, your equipment does not let you down at critical moments. Mining is an expensive game and any down time on a mine site can cost a mining company thousands of dollars per hour of inactivity. Ensue your choice of equipment reflects the needs of your organisation and the ability to consistently meet project targets.”

Experience, experience, experience

Above all, ensure the equipment, parts and attachments you choose to buy is from a reputable and experienced dealer. When wanting to buy mining equipment, a good equipment provider should be able to suggest machinery that is suitable in order to meet or exceed your goals. Also, look for positive recommendations from previous clients. A good dealer will be able to provide you with advice and support post purchase, with complementary services that can cater for your diverse needs.