6 minute read
Asset Performance Managment (APM) software in mining
In the challenging landscape of the mining industry, where commodity price volatility continues to squeeze margins, the need to maximise operational efficiency is not just a goal; it’s a necessity. Every hour of unplanned downtime translates to lost revenue—a reality that senior management and maintenance teams grapple with constantly. This perpetual pressure to address downtime can be overwhelming, but there is a solution that can bring relief.
This article delves into the pivotal role of asset management in mitigating downtime and optimising costs within the mining industry.
We’ll explore the concept of Asset Performance Management (APM) software and how solutions like Aspen Mtell®, offered by AspenTech, a trusted partner of Mipac, can bring a sense of relief to senior management and maintenance teams.
With APM software, mining companies gain the power to make data-driven decisions that ensure peak operational performance, putting them firmly in control of their operations and instilling confidence in their ability to prevent downtime.
The high cost of downtime: a mining Achilles heel
Imagine this scenario: a crucial conveyor belt malfunctions mid-extraction, grinding production to a halt. The domino effect is immediate – lost productivity, delayed shipments, and a significant dent in the bottom line. Downtime in mining is a constant threat, and its impact can be staggering.
Consider this: the cost of unplanned equipment downtime in the mining sector can often soar to staggering heights, exceeding USD 1M an hour. This eye-watering figure, which can vary depending on the scale and nature of the operation, serves as a stark reminder of the significant financial burden that downtime can impose.
Beyond the immediate financial losses, downtime has a ripple effect throughout the entire mining ecosystem. Delayed deliveries can damage client relationships and erode trust. Additionally, the pressure to ramp production quickly after an outage can lead to safety hazards and further compromise equipment.
The price of neglect: when reactive maintenance backfires
While downtime is a critical concern, the opposite extreme – neglecting preventative maintenance due to cost pressures – is equally dangerous. Reactive maintenance, where repairs are only made when equipment fails, can have catastrophic consequences.
Firstly, reactive repairs are often more expensive than scheduled maintenance. Components that have reached the point of failure are more likely to require complete replacement instead of a timely intervention that could have extended their lifespan.
Secondly, a reactive approach significantly increases the risk of catastrophic failures. Imagine a primary pump failing during a critical extraction process. This leads to significant downtime, poses potential environmental hazards, or even endangers personnel safety. This is where the proactive approach of APM software can make a crucial difference.
The key lies in striking a balance – proactively managing assets to prevent downtime while optimising maintenance costs. This is where Asset Performance Management (APM) software in mining comes into play.
Enter APM software in mining:
Data-driven decisions for optimal performance
APM software is a comprehensive solution for the mining industry. It surpasses traditional Computerised Maintenance Management Systems (CMMS) by leveraging data analytics and predictive modelling to optimise asset health.
Here’s how APM software empowers mining companies to achieve operational excellence:
Real-time monitoring
APM systems collect real-time data from sensors embedded throughout the mining infrastructure—from conveyor belts and crushers to pumps and processing plants. This data provides a holistic view of asset health, allowing for early detection of potential issues.
Predictive maintenance
APM software in mining doesn’t just monitor; it predicts. By analysing historical data, sensor readings, and operating conditions, it can foresee equipment failures before they occur. This proactive approach empowers maintenance teams to schedule interventions, preventing costly downtime and extending asset life. It also reassuringly informs them about the software’s effectiveness and makes them feel more in control.
Data-driven decision making
APM software provides valuable insights that senior management can leverage to make informed decisions regarding maintenance strategies, resource allocation, and budgeting. Management can prioritise maintenance activities and optimise resource allocation by understanding the true health of their assets and the potential impact of different scenarios.
Aspen Mtell®: a powerful solution for mining asset management
Aspen Mtell®, a solution from AspenTech, Mipac’s trusted partner, is a prime example of how APM software empowers the mining industry. Aspen Mtell® offers a comprehensive suite of tools specifically designed to meet the unique challenges of mining operations.
Here are some of the key features of Aspen Mtell® that make it a valuable asset for mining companies:
Integration with existing systems
Aspen Mtell® integrates with existing mine management systems, including CMMS and process control systems. This eliminates manual data entry and ensures a unified view of operational data.
Advanced analytics and diagnostics
Aspen Mtell® utilises advanced analytics and diagnostics to identify trends, predict equipment failures, and optimise maintenance schedules.
Mobility and collaboration
The solution offers mobile access, allowing maintenance personnel to access real-time data and collaborate remotely, enhancing operational efficiency and response times.
Beyond cost savings: the broader benefits of APM
While the cost-saving benefits of APM software are undeniable, the value proposition extends far beyond reducing downtime and maintenance expenditures. Here are some additional advantages:
Improved performance and user experience
APM tools provide deep insights into application performance, pinpointing bottlenecks and slowdowns that impact user experience. By proactively identifying and resolving these issues, organisations can ensure applications run smoothly and deliver a positive user experience, increasing customer satisfaction and loyalty.
Proactive problem detection and prevention
APM goes beyond reactive troubleshooting by enabling proactive monitoring. Analysing historical data and identifying performance trends can flag potential problems before they significantly impact users. This proactive approach allows for preventative maintenance and minimises the risk of major outages.
Improved decision making
The data collected by APM tools provides valuable insights into application health and user behaviour. This data can inform strategic decisions, such as resource allocation, capacity planning, and application development roadmaps.
Greater business agility
Organisations can respond more effectively to changing business needs by ensuring applications are performing optimally. APM empowers businesses to adapt and innovate quickly, maintaining a competitive edge in today’s fast-paced environment.
Summary
APM is not just about cost savings. It’s about revolutionising the way businesses operate.
By harnessing the power of APM, organisations can optimise application performance, enhance user experience, streamline operations, and make data-driven decisions that drive positive business outcomes.
This transformative potential of APM should inspire and excite mining industry professionals about the future of their operations, sparking a sense of anticipation and enthusiasm.
How Digitalization and Prescriptive Maintenance Optimize Sustainable Mining Operations
Whitepaper
Recently, Mining Magazine conducted a survey of global mining executives to better understand their attitudes towards technology. The survey explored the technology, obstacles and key opportunities that enable mining organizations to significantly increase uptime, efficiency, performance and transform auditable, data-base insights to improve processes and infrastructure.
Interested in reading more articles?
Maximising production: How asset reliability drives mineral processing excellence
3 minute read Asset reliability in mineral processing Asset reliability is the bedrock of operational excellence in mineral processing. This
Maximise uptime, minimise costs: The power of APM software in mining
6 minute read Asset Performance Managment (APM) software in mining In the challenging landscape of the mining industry, where commodity
How Aspen Mtell® optimises your complex mineral processing operation
6 minute read As Maintenance and Operations leaders in a demanding mineral processing environment, you understand the critical need for
