The term mining auction refers to a range of disposals in the mining sector, including the disposal of scrap and/or surplus yellow equipment, assets from business rescue and/or liquidation, and the disposal of mining concessions, explains Hogan Lovells partner Nicholas Veltman. The primary distinction between a bidding process and an auction process is that, under a bidding process, the actual disposal is preceded by an extensive due diligence phase and commercial negotiations, while in an auction assets are sold as is.
