Vancouver-based Ritchie Bros Auctioneers, the world’s largest industrial auctioneer, is gearing up for an open auction later this month on behalf of South Africa-based mining company Sentula Mining, which will see more than 320 of its heavy-equipment items and trucks being sold.

The auction, to be held on March 27, in Johannesburg, is open to the public. Bids can be made at the auction site or online in real time through the com- pany’s website.

The mining equipment items to be featured will all be sold on auction day to the highest bidders, regardless of price, without minimum bids or reserve prices.

“It’s unusual in the industry to have this many quality mining units together in one place and to sell everything by unreserved auction in one day,” says Ritchie Bros regional sales manager Steve Barritt.

“The inventory will be of interest to anyone in the market looking to acquire high-quality, well-maintained mining equipment and trucks, ranging from Caterpillar 777 rock trucks to D-series dozers, as well as wheel loaders and large Hitachi hydraulic excavators,” he says.

Moreover, a selection of unused spare parts, engines and attachments will be included in the auction.

All equipment in the auction is being sold on behalf of local mining service provider and coal miner Sentula Mining, which has operations in 16 African countries.

Members of the public can inspect the equipment before the auction. Bidding registration is free, though a refundable deposit may be required.

The NYSE- and TSX-listed company exhibited at this year’s Investing in African Mining Indaba, which took place at the Cape Town International Convention Centre from February 4 to 7.

Further, Ritchie Bros senior VP Guylain Turgeon highlights that, while the company has expanded its customer network to all corners of the globe, South Africans have been buying and selling at its globally held auctions for years now.

Once Ritchie Bros Auctioneers concludes its unreserved open auction in Johannesburg, it will move on to China, where it will be holding its first unreserved public auction at its leased site in the Tianzhy Free Trade Zone, in Shunyi, Beijing, on April 18.

The company has started receiving its first consignments, which include a mixed-bag of unused international and local equipment.

Current equipment highlights include an unused 2010 Kato HD820V hydraulic excavator, a 2009 Caterpillar 320D-E hydraulic excavator and a 2007 Caterpillar D7F Series II crawler tractor.

The company’s decision to conduct an unreserved public auction in China follows Ritchie Bros Auctioneers’ initial announce- ment in November last year that it would bring the certainty of unreserved auctions to Chinese equipment buyers and sellers in light of the company’s wholly owned foreign enterprise application being approved by the Chinese government.

“Now that we have received government approval, we are excited to open up the global heavy-equipment market to Chinese equipment owners,” says Ritchie Bros VP Stephen Branch, adding that the company’s global heavy equipment network is more than 50 years in the making.

“It currently comprises more than 40 auction sites around the world, an industry-leading website and a suite of value-added services that make our auctions a one-stop shop for heavy equipment buyers and sellers.”

One of the first local sellers to consign equipment to the upcoming Beijing unreserved public auction was Shanghai-based heavy-equipment dealer Shanghai Jin Jichang Engineering Machinery.

Company owner Xie Qianbo, who has attended Ritchie Bros auctions outside China, says he has seen the auctioneer’s power of attraction first-hand.

“Ritchie Bros has the power to bring legitimate buyers from around the world who need to buy machines to put them to work right away. This is why we are selling our equipment at the first-ever Ritchie Bros auction in China. The process is simple and trustworthy,” he says.

Ritchie Bros has formally leased land in the Tianzhu Free Trade Zone to prepare for this first unreserved public auction in China.

Strategically located within minutes of Beijing Capital Inter- national Airport, the Tianzhu Free Trade Zone is connected to one of China’s largest roll-on, roll-off ports in Tianjin.

“For many years, we have been learning about China’s market, as well as its customer needs and behaviours,” says Ritchie Bros GM for China, Korea and Mongolia Chris Edwards.

“We are excited to introduce the unreserved auction process in China, which we believe is the fairer and most transparent way for heavy-equipment buyers and sellers to conduct business,” he adds.

In January, Ritchie Bros Auctioneers announced the initial release of its online equipment marketplace, EquipmentOne, intended to complement its flagship auction business and help the nonauction segment of the equipment market to buy and sell equipment with ease and confidence.

Ritchie Bros EquipmentOne is a secure online marketplace for equipment and materials. Buyers and sellers can use the online marketplace to negotiate, complete and settle their transactions in a safe and transparent environment.

The auctioneer reports that the core marketplace functionality of the site has now been released and enhancements are being made on an ongoing basis.

The next significant release and full commercial launch are scheduled for later this quarter.

“In late 2010, Ritchie Bros adopted a new mission statement, transitioning us from strictly an auction company to a solutions company. Our aim is to provide a number of different solutions to the world’s builders so they can easily and confidently exchange equipment,” says CEO Peter Blake.

Ritchie Bros’ updated estimate of the global used-equipment market suggests that it is in excess of $200-billion in yearly transaction value, with about half of all equipment transactions taking place on a private treaty basis.

“Our surveys show that most of these private sellers are dissatisfied with their current experience because it is not easy and, in many cases, unsafe and unsecure to sell certain goods. “We believe Ritchie Bros, with our brand, data and industry expertise, is uniquely positioned to deliver a great solution to this segment of the market in the form of EquipmentOne,” says Blake.

“We believe it will enable the nonauction segment of the equipment market to easily and confidently exchange equipment as never before.”

Ritchie Bros EquipmentOne was developed on the back of the service offering Richie Bros acquired when it bought online marketplace and solutions platform for surplus and salvage assets AssetNation in May 2012.

With this initial launch, Asset-Nation’s corporate customers are now selling their equipment and materials on Ritchie Bros’ EquipmentOne.

With the subsequent launch in the second quarter, additional functionality will be released and a broader range of sellers will be welcomed onto the Equip-mentOne marketplace.