More mining companies are seeing the benefits of selling their assets using an online process, says auction house GoIndustry Dovebid associate director John Taylor.

The selling of assets can be done through an online auction, a sealed bid or a private treaty event. GoIndustry Dovebid offers a large suite of services, which includes asset disposal and management, valuations as well as waste and scrap facilities management. This holistic approach to all asset and waste management is completely transparent and auditable which is proving a major success with various mining houses in Southern Africa.

He explains that an online auction is a transparent sales platform that is more cost effective for the seller, as it allows for assets to remain at various locations without the need for costly transport and labour to move them to a centralised auction yard.

Taylor adds that it is also convenient for clients as they can bid from the comfort of their business premises, saving them time and money.

“As all bids placed during the auction are date-stamped and recorded on our servers, we have the ability to draw on reporting immediately or many years later. It also enables us to record and track bid history and asset pricing, therefore maintaining and tracking market trends in asset prices.

Although online auctions are a viable option for the mining industry, mining companies need to do their own due diligence regarding their asset disposal partner – one “that provides the most transparent and auditable process and that can back up their ‘sales pitch’ with proven results”, he mentions.

Although Goindustry Dovebid has achieved remarkable success in Southern Africa, the big differences in auction events in Africa as opposed to the rest of the world is that sellers in some of the larger economies allow for a longer marketing period, more marketing spend and the auctions generally have more lots.

Goindustry Dovebid SA has also developed its offering by “advising and managing due diligence processes when it comes to selling complete mining assets, whether it be a distressed sale situation or a corporate disposal”, he adds.

Taylor concludes that, with the company’s extensive experience and knowledge in the mining industry, the recording and database of asset sales, buyers and sellers, as well as its virtual data room to host due diligence information, GoIndustry Dovebid is at the forefront of providing mining houses with a complete asset disposal solution.