Turner Mining Group entered a major equipment financing relationship with Wingspire Equipment Finance, establishing a structured capital facility of up to $150 million to support its expanding fleet and accelerate growth across North America. Wingspire Equipment Finance has deployed an initial $20 million tranche, the first of a planned series of releases. The remaining funds will be available to Turner Mining Group as new operations launch and the company scales its business.
The initial $20 million deployment supports Turner Mining Group’s acquisition of a mobile mining fleet, including haul trucks, bulldozers, excavators, motor graders and wheel loaders, which are currently operating under a multi-year mining contract at the GRP Pan Gold Mine in Nevada. Turner Mining Group elected to draw the first tranche now to support active operations, with additional draws from the facility anticipated in the coming months as new project sites ramp up and equipment needs grow.
The facility was structured and led by Conner Ingram, vice president of construction, mining and energy at Wingspire Equipment Finance. The solution gives Turner Mining Group on-demand access to capital as operational demand dictates.
“Currently, the mining and natural resources industries are experiencing a period of sustained capital inflows, robust infrastructure demand, and strong commodity fundamentals,” Ingram said. “Turner Mining Group has built an exceptional operational platform, and this facility ensures they have the capital access they need to keep pace with their growth, on their timeline, not the market’s.”
Keaton Turner, president and founder of Turner Mining Group, said, “We are excited to partner with Wingspire Equipment Finance as we continue to invest in the heavy equipment needed to support our clients and our long-term growth. We drew the first $20 million to support our new mining fleet in Nevada, and as we continue to add new operations and new contracts in the months ahead, we have the capital infrastructure already in place to move fast and ramp up our customers’ operations without delay. Wingspire Equipment Finance understands our business and has structured something that grows with us, and that kind of partnership is invaluable.”
