Asset Management in Mining: Improving Your Work Operations and Output

MiningIf you want to minimise costs in your mining operation, there are many options available. One of them is effective asset management. The mining industry is popular for having daily operating costs that run into millions, ambitious production targets and costly equipment. Therefore, it is essential to maximise output and minimise costs by making the most of such assets.

You have the option of outsourcing your asset maintenance function, but it is important to have a clear view of it to ensure a smooth running of operation and prevent cost overruns.

Asset Ownership Strategy

One important aspect of asset management is your asset ownership strategy. If a particular asset is costly to acquire and you use it rarely, or made by a few global manufacturers, you might want to lease it. Engineered Precision Machining noted that if an asset is easily available and made by many manufacturers, you could choose to buy it.

DIY or Outsource

In terms of servicing, maintenance, and buying of spare parts, you have the option of outsourcing it, doing it yourself, or choosing a combination of both. The contracts for maintenance usually have SLAs and clauses that outline maintenance deadlines and the penalties for not meeting them. This ensures that your interests are under protection, while the service provider has a target to work with. It makes life easier for everyone involved.

Over time, it is possible to analyse data pertaining to equipment failure and build a database of symptoms and causes and this will help the maintenance team to quickly spot a problem and take preventive action before it spirals out of control. This will go a long way in terms of reducing cost and increasing productivity. This data can also be sent back to the manufacturers to help with making changes in equipment design that will help to prevent faults and improve longevity. All of this will contribute to better asset management and cost saving for the company in the long run.