Asset Management Working Group

Business Objective

Collaborate with mining industry leaders and outside industries to leverage their experience and knowledge in developing and applying asset management best practices to a lean mining environment.

Project Description

The Asset Management Working Group is an operator-focused group whose purpose is to provide a network and forum for reliability professionals in mining to exchange knowledge and share asset management, including reliability and maintenance, best practices.

The philosophy of the Asset Management Working Group is to share with related organizations and to leverage their experience and knowledge in applying a range of existing standards and best practices to a cost constrained mining environment. It is a collaborative model that aims to leverage practices and standards from other industry organizations through mutual participation.

Project objectives include:

  • Identify standards, practices, and tools that result in superior asset management, reliability and maintenance performance.
  • Propose definitions for common asset management, reliability and maintenance terminology and KPIs.
  • Develop and share asset management best practices that align with mining operational needs.
  • Enable benchmarking of asset management performance.
  • Further the professional and personal development of asset management professionals in the mining industry.

The Working Group also supports the mining industry through the ISO 55000x standards series. This sub-committee will enable collaboration with other reliability and asset management organizations beyond the mining sector.

The deliverables of the Asset Management Working Group will be a series of best practice guidelines relating to asset management in mining.

Business Case

Over the years, the application of proven asset management and reliability concepts has contributed to safer, more productive, and profitable operations across a range of industries from aerospace, manufacturing, oil and gas, power generation, and others.

The adoption of asset management and reliability programs in mining has been slower due in part to the perception that unique and variable operating environments present barriers to the introduction of commonly used concepts.

With industry stakeholders setting higher expectations for asset performance, interest in application of reliability systems and tools is rising. Organizations are challenged in understanding which practices provide the greatest value as well as how to successfully roll out, sustain, and measure the performance and effectiveness of their programs.

By delivering best practice guidelines for asset management in mining, the Asset Management Working Group will enable organizations to improve asset reliability and increase equipment run-time resulting in increased production and reduced operating costs.

Finally, asset and system reliability represents a key foundational element of autonomous mining systems.