EQUIPMENT FINANCE, RENTAL AND LEASING
“One of the things customers enjoy is that we
truly understand the business and are in the
business,” Epiroc Financial Solutions USA’s
Shawn McGill says
“I would say we have seen the demand for
tailored finance solutions increase,” he said. “A
lot of mining companies have learned that Cat
Financial has a specialised mining finance group
which understands the industry and can leverage
various offerings to meet customer needs.
“For example, providing corporate finance
solutions, new and used equipment financing,
project finance facilities in certain instances,
extended warranty solutions and financing to
support certified rebuilds.”
This is not all that has been changing in the
past few years, according to van den Berg.
“The way you are charging the customer is
changing as well,” he said. “They might look at
cost per hour, cost per tonne, cost per metre, etc.
Whatever defines a customer’s cost structure is
the way they want to be charged.”
Such flexibility is what separates these
companies from a host of other finance providers
on the market.
As McGill said: “When I ask customers: ‘Why
not choose traditional financing? Or, your own
bank? Or, one of the other US-based
financing/leasing companies?’ They say, ‘Listen,
that company doesn’t truly understand our
business, and doesn’t have a lot of mining
experience. Therefore, that company is not as
open or flexible to finance or leasing as you are’.
One of the things customers enjoy is that we
truly understand the business and are in the
business.”
For smaller mining companies, or operations
just starting up, this flexibility is helpful,
according to McGill.
“We can match the payment or term to where
the mining company could be turning a profit or
generating cash flow from the sale of the assets
(commodities) being taken from the mine,” he
said. “We would rather structure a package with,
for example; no payments upfront; or a stream of
payments at a lower amount – a step-up lease
type of arrangement – or an equity builder – the
payments may be quite low; maybe interest only
for a period of time until they start pulling assets
out of the mine.”
Bennes said Cat Mining Finance’s strong
integration with the equipment and dealership
side of the business was also appreciated by
mining companies.
“It goes even further than equipment and
financing. Post close, customer support across
the Caterpillar enterprise is critical and helps
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APRIL 2019 | International Mining 31