Kumba Kathu Mine Auction Attracts National Attention

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The high attendance levels and proactive bidding evident at the auction held at the Kathu mine of Kumba in the Northern Cape Province on 26 July 2011, is testimony to the demand evident of the free market determining the price of assets on the auction floor, says Ariella Kuper, Director of Auction Alliance.

The high attendance levels and proactive bidding evident at the auction held at the Kathu mine of Kumba in the Northern Cape Province on 26 July 2011, is testimony to the demand evident of the free market determining the price of assets on the auction floor, says Ariella Kuper, Director of Auction Alliance.

Auction Alliance were recently awarded the 3 year tender with Kumba from 2011 – 2013.The outstanding results produced by the auction, far exceeded expectations, with the original mine reserve price being set at R3.3million, and the auction producing R4.94 million in sales.

According to Head of Capital Assets at Auction Alliance, Dan Fine who was commenting live from the auction in the Northern Province, “attendance exhibited a strong demographic spread with numerous end users bidding avidly for the Toyota vehicles, long known for their reliability and performance especially amongst taxi drivers”.

The sale included yellow metals but was dominated by the 75 vehicles up for grabs, which were previously used on the mine, and remain in running order. “These vehicles present the ideal opportunity for small entrepreneurs and taxi drivers looking to grow their fleet at affordable prices, and who would otherwise not gain access to such vehicles which invariably make their way in bulk to wholesale traders”, says Kuper.

Notable sales of the auction include:

- 4 x Cummins KTS 50 STC 1600 HP Engine with KVA alternator @ 41 340 pp (incl 6% comm.)
- 1999 MERC 1617 Econoliner @ R106 000 (incl 6% comm.)
- 2003 Toyota Hilux @R 52 470 (incl 6% comm.)
- 2002 Toyota Bus 21 seater @ R84 800 (incl 6% comm.)

For more information contact Ariella Kuper on 079 8999 998 or email akuper@auction.co.za or contact Dan Fine on 082 908 0666 or email dfine@auction.co.za.

 

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