Strategic asset management in the mining industry

In today’s economy of lower commodity prices and escalating costs within the mining industry, it’s the companies that look to the future and consider the whole life cycle of their asset’s performance, and the total cost of ownership who will survive in the present market conditions.

The organisations who invest the time and capital to optimise the performance of their current assets so that their plant and equipment are up and running on a reliable schedule should not only survive, but still grow in the current economic climate.

What is Asset Management?

Asset management is a systematic process of developing, operating, maintaining, upgrading and disposing of assets in a timely and cost-effective manner.

Effective asset management takes into consideration and optimises the hectic priorities of asset utilisation, asset care and maintenance, performance opportunities, capital investments, long-term sustainability, operating costs, risks and performance. When a strategic asset management plan has been put in place to deliver the business plan and reliable plant and equipment, then in conjunction with mine planning forecasts, scheduled maintenance can occur on time, reducing downtime and reducing the need for reactive maintenance.

When should a strategic asset management plan be implemented?

Well, the answer is now. Some companies don’t consider implementing improved asset management systems until times are really tough. The time to consider optimising your operations is when everything is ticking along ok, in order for things to continue to run smoothly, now and into the future. Having an effective asset management system in place means ultimately having the benefits of increased revenue and profit when com­modity prices are up. You are then positioned to be operating at an optimum when the cycle turns down.

How can Mainpac help?

In addition to the international asset management standard ISO55000, there are many tools available for organisations to implement an efficient asset management system such as Mainpac Enterprise Asset Management system (EAM).

Mainpac EAM is a fully integrated complete asset management solution designed for organisations seeking to maximise return on investment and improve cost to revenue ratios. Mainpac brings together proven asset methodologies to assist businesses in maximising the life of their assets and overall increase their profitability.

Mainpac has the potential to improve return on investment through:

  • Improved equipment availability
  • Improved planning and scheduling
  • Improved resource efficiency
  • Maximising profits
  • Reducing costs
  • Increased overall equipment effectiveness
  • Improved asset utilisation and productive throughput
  • Reduction in major component failure/cost
  • Improved efficiency in machinery consumables
  • Reduction in commercial risk through improved insight

Using Mainpac solutions, mining and resource companies around the world manage extensive asset portfolios with diverse operational, age and condition profiles.

Contact us to see how we can help your organisation implement a strategic asset management plan into your operations today or check out our asset management solutions here.