Auction indicates state of local mining industry - KOTA Territory News

Auction indicates state of local mining industry

Thousands of people from across the country descended on a Wyoming town for the largest auction in the state's history, Thursday.

For more than 1,000 eager bidders and sellers, auctions like the one held in Gillette are a feast for the eyes. And some, like Scott Bergkamp, travel clear across the country to participate.
 
" There's a lot of really cool equipment here, if you like equipment," said Bergkamp, who traveled from Kansas.
 
"There's something for everyone. Construction, mining, trucking equipment. You name it, it's here if its industrial,"said Rob Giroux, Vice President of Sales for Ritchie Brothers Auctioneers.
 
The average price of some of the equipment ranged from  $80,000 to upwards of $100,000. And there was no shortage of buyers.
 
"Every single piece will be sold, absolutely," said Giroux.
 
But its where the equipment is going that may be a good indicator of how local mining industries are faring.
 
"Singapore was mentioned, Australia, Mexico, quite a few Canadian bidders. Won't surprise me to see some stuff going to Dubai and the middle east, its going all over the world," said Giroux.
 
"The coal industry in general, a lot of the mines are pulling back, especially the work for the contractors. I haven't seen a lot of the equipment going to local competitors. Its going to international and other parts of the county. Not local," said Tyler Miller, a local mining company president.
 
But sellers are still optimistic the industry will bounce back.
 
"Mining is probably the only industry that has held its own through the recession from 2008. Only industry that continued to grow," said Larry Suchor, owner of Larry's Mining.

Auction staff estimate more than 600 bidders from all over the world participated in the auction online.