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Canada’s mining sector is a major contributor to the economy, employing over 700,000 people and producing more than $100 billion in minerals annually. From copper and gold to nickel and potash, our resources power everything from electric vehicles to global construction.
But the heavy machinery used to extract these materials—drills, loaders, haulers, crushers—is some of the most expensive and capital-intensive equipment in any industry.
A single haul truck can cost $2 million. A high-capacity drill rig can exceed $800,000. Underground loaders, crushers, and screens quickly push seven-figure totals when bundled together for a full-scale operation.
For exploration firms, mid-tier producers, or service contractors, mining equipment financing is essential to stay productive, competitive, and capital-efficient. It allows operators to access vital equipment without tying up large reserves of working capital.
Mining businesses operate in an environment of tight margins and unpredictable commodity prices. Whether you’re moving ore 24/7 or developing a new site, equipment costs must be balanced carefully against expected ROI.
Financing helps you spread these investments over time—allowing you to pay as you extract value, not before.
At Mehmi Financial Group, we work with Canadian lenders who understand the unique demands of mining. Nearly every core asset in surface and underground operations can be financed, including:
Both new and used equipment are eligible for financing. Even private-sale equipment—common in mining—can often be financed with proper documentation.
Not all financing is created equal. Mining operations are capital-heavy, time-sensitive, and often spread across remote regions. Choosing the right financing structure can protect liquidity and align costs with production cycles.
This is a fixed-term loan used to purchase new or used equipment. Payments are made over a set term (often 2–7 years), and you own the asset from day one.
Example: A Quebec-based exploration company secures a $900K loan for a new core drill and off-road hauler, structured over 60 months with seasonal payments based on project cycles.
Leasing is ideal for rapidly depreciating assets or tech-heavy machinery. You lease the equipment for a set term with the option to buy, upgrade, or return at lease end.
Example: A Saskatchewan potash operator leases four loaders on a 48-month operating lease with built-in service support.
If you already own equipment, a sale-leaseback allows you to sell it to a lender and lease it back—releasing capital while keeping the gear on-site.
Learn more about Refinancing & Sale-Leaseback
Cash flow disruptions are common in mining—especially during startup phases, permit delays, or commodity dips. Accessing short-term working capital gives you the agility to operate smoothly.
Explore Working Capital Loans & Credit Lines
Buying a used loader from another operator? Mehmi can structure financing for private-sale equipment—including verification, lien searches, and secure funding.
Want to explore your options? Use our Financing Calculator or speak with one of our credit analysts.
Due to the high value of mining equipment, lenders will take a closer look at your operation’s financials, project pipeline, and asset specifics. But approval is often faster than traditional bank routes—especially with experienced brokers.
A credit analyst can help package your application, improve terms, and match you with lenders that understand the mining industry.
Large loans can come with equally large interest and carrying costs. Here are five ways to keep your financing efficient:
Need multiple machines? Financing them together under a single agreement may lower your rate and reduce administrative time.
Stabilize your cost structure with fixed terms—or match payments to cash-rich periods in your production cycle.
Refinance or sale-leaseback existing equipment to fund new purchases without new borrowing.
Used drills or haulers—especially with recent maintenance—can offer strong ROI at a lower capital cost.
An industry-savvy credit analyst can structure custom terms, negotiate on your behalf, and reduce friction with lenders.
At Mehmi Financial Group, we understand the financial realities of mining in Canada—from exploration and contract drilling to full-scale extraction and hauling. We support operations in Ontario, BC, Alberta, Quebec, and throughout the northern territories with:
Whether you need to finance a $2M fleet or a $200K drill, we can help you unlock equipment without holding up your next project.
Speak to a credit analyst today to get a custom quote and move your project forward. Contact us now
Yes, lenders often finance used machinery up to 10 years old—especially if it’s been maintained and has resale value.
Absolutely. We help facilitate financing for dealer and non-dealer transactions.
Terms usually range from 24 to 84 months, depending on the asset’s useful life and your business needs.
Most approvals require a score of 650+, but exceptions can be made for strong businesses or contract-backed operators.
Mehmi can arrange approvals in as little as 24–48 hours with minimal paperwork.
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