‘Gold Rush’: Parker Schnabel Has Major Regrets Over Deal He Made with Tony Beets

by Chris Haney
(Photo by Roy Rochlin/Getty Images)

Earlier tonight on Gold Rush, mining prodigy Parker Schnabel revealed some major regrets he has due to his deal he made with “King of the Klondikes” Tony Beets.

During a clip from Season 12, Episode 9, Schnabel speaks about one of his largest financial risks ever. The 26-year-old mining boss paid two and a half million to dig Mud Mountain. He’s banking on the fact that the area will produce eight thousand ounces of gold for his crew.

However, Schnabel is also counting on 3,000 ounces from the airstrip ground lease from his unique deal with Beets. The young mining boss is frustrated by the royalty deal he struck with the veteran miner from the Netherlands. But once you come to an agreement with Beets, there’s no renegotiating.

“The deal we’ve got with Tony is a little bit weird on the old royalty front,” the Gold Rush star explains. “So like on the ground by the airstrip, it’s 15 percent on the first 1,500 ounces. And then it goes up five percent every 1,500 ounces after that per plant. I don’t understand the rationale behind it. Whatever. I’ve argued it for years. They [Beets] don’t budge on it, so I’m done talking to a wall about it.”

As a way around the higher percentage of royalties. Schnabel orders his crew to change out wash plants. Once his foreman Mitch Blaschke hit 1,500 ounces with a plant last week, the crew swapped out wash plants to avoid the increased payments. Blaschke said Beets likely didn’t think Schnabel’s crew would go through all that trouble, but he was wrong.

“If that’s what he was thinking, he definitely doesn’t know us very well,” Blaschke said of Beets.

‘Gold Rush’ Star Parker Schnabel Chews Out His Crew Over Safety Precautions

Last year, Parker Schnabel proved that he wants to work hard while also focusing on safety measures. In a clip from Gold Rush, the mining boss scolded his crew for speeding and brought them together to emphasize safety precautions.

Schnabel comes from a family of gold miners, so he’s had it in his blood since a young age. His grandfather owned a mining company, and that’s where Parker first learned the tricks of the trade. At only 16 years old, he took over the family’s mining business, and he’s been at it ever since.

While it’s vital to be profitable while mining, Schnabel knows the importance of safety since it’s a dangerous business. While mining Death Valley last year, his workers got a bit ahead of themselves. Two enormous rock trucks ended up clipping each other at high speeds on a narrow road. That’s when the young Gold Rush boss called an abrupt meeting with his drivers to set them straight.

“I really just want to make sure that you guys are aware of the safety issue with driving at high speed down here. I can’t have somebody getting hurt here,” Schnabel says to his crew. “There’s been a couple close calls just from what I’ve seen, so we’ve just got to slow down.”