Online auctions

Demand for online mining auctions heightens

It's never been easier to buy online
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With another online auction date being set for an Anglo Platinum and Diesel Power mine clearance on 7 March 2013, it appears that mining houses are buying into, and benefitting, from recent movements toward online asset disposals.

The latest trend is proving financially viable for the mines as per a recent report from Clear Asset online auction house, which has a dedicated focus on online mining sales.

The company secured a stellar 46% of its sales in its last auction to international buyers, with sales in excess of R35 million. Successful buyers came from as far as Zimbabwe, Dubai and into Europe with full funds received in under a week post confirmation.

At the recent Mining Indaba, attended by 8 000 people from across the globe, feedback on Africa was encouraging. Mark Cutifani, chief executive of AngloGold Ashanti, highlighted that amid unrest and uncertainty, compounded growth in South Africa over the last 18 years boasted a statistic of 3.2% while comparatively Australia was 3.4%.

He did, however, acknowledge how the mining sector has decreased 30% in real terms, recognising the need for broad-based empowerment and measurable objectives with proactive collaboration among all stakeholders supported by transparent processes.

''Leveraging off the need to realise working capital and streamline where possible, specialised online channels have the opportunity to provide structured disposal programmes. In line with the call for transparency and measured processes, well-managed online asset sales are gaining significant traction."

Says managing director of Clear Asset, Ariella Kuper: "Post sale reporting with comprehensive bid tracking, as well as pre-sale tracking to ascertain interest and source of bidders and outreach, provides a rich source of data to enhance decision making.

''The last auction saw interest from Europe, US, UAE, Zimbabwe, Zambia and Botswana, with over 3 000 hits and a 42% return viewing rate in under three weeks of the campaign.''

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Issue 42