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Set up a secondary outpost in the mountains for mining.
Either of those works.
I was going to mention that, but if he has no steel or components he can't exactly build the machines. :p
Smelt from slag.
You should craft statues. All traders take statues.
For example, Slate Blocks have a market value of .9 per block to bulk goods traders. You can use 50 of them to make a Slate Sculpture which has a base market value (assuming normal quality) of 215 -- over four times more!
Hell, even a silver sculpture... 500 silver to make a sculpture worth 755? Not bad.
Also all items have a market price multiplier when selling. Weapons, for example, sell for only 40% of their value. Sculptures sell for 110%.
(Not sure about slavers but I hardly ever get them)
Not all traders buy them, but most do. It's decent cash here and there.
It is always a good idea to keep in stock goods that you can trade at bulk traders, this way even if the caravan you requested brought no steel or machine parts you can still make silver out of it and order another caravan from another faction.
Also, orbital trading should be the main source of trading opportunities for you, no matter where you are on map, but sending a small caravan with goods you want to trade to another village of a friendly faction will allow you to trade with them directly, might be worth the trouble if you have pack animals available to carry the steel and parts back.
You should have a good production chain going to provide profitable goods for trade.
You should be focusing your research towards deep drilling and transport pods. The deep drilling will allow you to source more from your map. The pods will allow you to fly caravans directly to your target tile. This could be for trade or for sending a mining party.