One of the challenging problems for optimization in mining operations is to choose the best equipment among the alternatives. Equipment selection is an important task for mine management due to its operational cost, and is also an integral part of mine planning and design. Equipment selection is not a well-defined process because it involves the interaction of several subjective factors or criteria. Besides, decisions are often complicated and may even embody contradictions. Therefore, equipment selection is considered as a multi-criteria decision-making process, and suitable decision-making methods should be employed in this process. In this study, the loader selection for Aegean Lignite Colliery was made by using both the analytic hierarchy process and Yager's method. Owing to the misusage of Yager's method in the past, a new procedure is proposed in this paper for making proper decisions. It is highly recommended in this purposed method that criteria or alternatives should be grouped so as not to exceed the limitations of human performance (nine criteria/alternatives). The most appropriate solution for the loader selection was investigated by obeying this limitation for each method, and the results were compared. At the end of the decision-making process, a sensitivity analysis was applied for each method in order to see how a criterion affects the final decision. The advantages and disadvantages encountered during the application of each decision-making method are presented.