There are numerous issues surrounding the long-term viability of mining equipment, despite the fact that mining remains one of the world’s most significant industrial sectors. It is simultaneously a risky, unpredictable, complex, and unfamiliar work environment with intensive and intricate processes that are dependent on uncontrollable elements such as the weather. Mining and natural resources producers want only the most dependable equipment when it comes to vehicles, storage, and on-site services. In this article, we are here to inform you about the top 4 mining equipment concerns you must be aware of.
- The current supply chain
The COVID-19 pandemic has caused the industry to reevaluate its strengths and weaknesses in order to prepare for the possibility of ramifications. The failure to satisfy production and capital project objectives can substantially affect shareholder value. It can cause firms to lose the trust of essential partners, suppliers, and other crucial stakeholders in the near term. Long-term failure to reach production and capital targets might undermine a mining company’s viability.
To put the magnitude of supply chain disruptions into perspective, the World Economic Forum reported that week-over-week trade in China, the United States, and Europe was cut in half due to the crisis. As the globe struggled to contain this pandemic, borders were blocked, businesses were shuttered, and a shifting global marketplace disrupted supply networks that incorporated foreign manufacturers. In this world of constant change, mining businesses must identify and minimise supply chain risks. This will help ensure supply security and strengthen the operation’s resilience. Investing in technology that provides visibility throughout the incoming and outgoing supply chains is an additional crucial factor for miners attempting to predict and prevent interruptions.
- Proper maintenance of your equipment
To keep heavy machinery, especially mining equipment, in operating order, continual maintenance is required. In contrast, poorly maintained heavy machinery operates inefficiently. The cost of breakdowns is high, and safety is also a significant factor. Maintenance of mining equipment is so essential that a single mining operation may spend more than fifty per cent of its yearly operating budget on equipment maintenance and repair alone. This equipment includes augers, drills, excavators, loaders, and more.
Multiple individuals on-site operate many forms of heavy machinery. The correct operation of the equipment should be one of the ongoing assessments that you should prioritise. Large machinery should be inspected by employees and on-site supervisors as soon as it is purchased. Operator training is complete at this stage, but it must be maintained throughout the whole operation. Employees come and go, skills grow rusty, and inefficient processes result in breakdowns.
Although most mining operations should have a preventative maintenance plan in place, the fact is that these machines are subjected to such a high level of stress and strain that they frequently fail. Unfortunately, when such breakdowns occur, mining businesses will lose hours of operational time and a multitude of resources until repairs are done.
The good news is that the mining sector is flexible and highly adaptable, and it is constantly exploring new technologies to reduce the frequency of equipment failure. For instance, internet-based sensors help monitor the condition of mining equipment by collecting data that can provide alerts for potential problems. Such technology surpasses the conventional schedule-based approach and can significantly cut maintenance expenses in half.
- Safety of your employees and equipment
The mining sector places a premium on worker safety, as working in mines involves inherent dangers. While worker safety has improved significantly over the years, safeguarding the security of workers concerning equipment must remain a top priority. Maintaining and enhancing mine safety has become a non-negotiable attribute of responsible and ethical mining firms in Australia and the larger Asia Pacific region during the past two decades. Mines and miners must quickly access updated mining safety information to mitigate mining risks and control mining hazards.
Providing frequent training and retraining for machine operators and repairers is one of the essential strategies to assure safety. This aids in preventing complacency and maintaining awareness of the device being operated. When operating huge and complex machines, such as mining equipment, all the people working them must be educated to recognise warning indications, such as unexpected noises, vibration, and heat. In addition, all the personnel interacting with machinery should be outfitted with intelligent mining safety wear.
Case studies, technical reports, and news must contain pertinent information for mining decision-makers and staff to implement applicable safety procedures from a corporate and site-level viewpoint. In addition, they must locate reputable mining equipment items and services expeditiously in order to fulfil their hazard control measures. By purchasing equipment from trustworthy manufacturers, mining companies can also contribute to the safety of their employees. This guarantees that the equipment is durable and able to handle the normal wear and tear that mining equipment endures.
- Financing and quality control
The dwindling availability of high-quality ore deposits is one of the significant difficulties facing today’s mining industry. This decreases the quality of the mineral, causing miners to dig further below the surface. With all the global advancements in operational efficiency and production, the globe will eventually run out of mineral wealth. Mining businesses must cope with decreased productivity, commodity prices, and profitability and diminish ore quality while paying hefty taxes and licences.
In light of the current adverse business climate, mining businesses must employ creative budgeting strategies to maintain production. Examining how other industries, such as manufacturing, have adopted an ethos of process automation without losing quality and safety and then attempting to emulate that in the mining workplace is one approach. In addition, mining enterprises can investigate other avenues to reduce operational inefficiencies, such as personnel management, energy use, and the reuse of mining products and resources. If you are looking for a proper insurance policy for your equipment, feel free to visit Oreflow for all your mining equipment needs!