Is it possible to get a loan from the bank or other financing institution to purchase a gold mine? November 22, 2009
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I am interested in purchasing a gold mine for only $50,000 and would like to know if I can get a bank loan or loan from a financing company to buy the mine? If I can get a loan, what banks or companies do I go to get the loan? What companies supply this type of loan?
By: k
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By: k
About the Author:
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I think Perhaps, but only if you have really good credit and you are willing to put up something you own worth $50,000 or more as collateral.
Gold mines are extremely speculative, and besides purchasing the mine, you will have to invest tens if not hundreds of thousands to drill in the mine. And if you don’t hit, the mine will essentially be useless to the bank. They need to be secured first before they lend you the money.
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not without geological reports or other proof showing there is gold there that is easy and cheap to extract.
I doubt anyone is going to lend you 100% of the price – where is YOUR risk?
all $50,000 would do is get you the mine. how are you going to get the gold out? – pick and shovel?
what if you buy it and then find out that you need a machine that costs $250,000 in able to get to any of the gold left in there
the mine would probably NOT be for sale if there was any gold left that was EASY to get out
and for 50,000, I can’t imagine there is much gold in there at all. – 50 ounces would pay back your loan – I doubt there is 50 ounces that you can get to without a lot of EXPENSIVE equipment
you better doa lot more research on costs, permits, whatever else is needed