ASSET MANAGEMENT

GMG Working Groups Asset Portfolio

The GMG Asset Management Working Group is an inclusive and global operator-driven community of interest whose primary purpose is to identify and share leading practices in asset management, reliability and maintenance. The group is dedicated to developing asset management guidelines that result in improved safety, ESG and operating performance for the benefit of the mining industry.

To join the working group and any of its projects, click here.

WHY IT IS IMPORTANT FOR THE MINING INDUSTRY

The mining industry is highly dependent on the state of its assets. As more and more resources are extracted from mines to meet rising demands, managing assets – including equipment, technology and the workforce – has become a key factor in increasing productivity. Asset management incorporates all maintenance and reliability activities and strategies as well as all lifecycle management and financial aspects of the asset as they relate to the overall organizational business strategy. 

Effective asset management could result in: 

  • Improved asset safety
  • Improved capital productivity
  • Improved decision making
  • Optimized lifecycle costs
  • More effective risk management
  • Higher levels of predictability
  • Reduced energy usage

Working group update and 2021 initiatives:

ABOUT THE WORKING GROUP

The Asset Management Working Group aims to identify and share best practices in maintenance, reliability and asset lifecycle management. The primary objective is to establish a set of guidelines for world class asset management practices applicable to mining and create a community of interest that shares knowledge related to asset management in mining. The role of the group is to identify leading practices to improve asset safety and reliability, increase equipment runtime, improve production and lower operating costs. The group is an operator-driven global network with additional input from subject matter experts, suppliers and others with experience and interest in the subject.

Objectives

  • Identify and share leading asset management practices and knowledge and advance their application in mining contexts.
  • Create a collaborative network for maintenance, reliability, and asset management professionals to exchange knowledge related to mining.
  • Collaborate and coordinate with existing asset management groups to leverage existing standards for the benefit of the mining community.
  • Identify relevant asset management metrics and KPIs and develop common definitions and a taxonomy for reliability in mining contexts.
  • Define success criteria and document practices for superior maintenance and reliability performance.
  • Leverage the strength of the reliability and asset management community and GMG members to drive innovation that raises the bar on asset performance
  • Drive the application of emerging and innovative technology for the achievement of asset management objectives.
  • Enable benchmarking for maintenance and reliability performance within mining.
  • Develop asset management guidelines that result in improved safety and operational performance for mining.
  • Support and enable the success of other GMG initiatives that rely on effective asset performance.

RELIABILITY MODEL

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ACTIVE PROJECTS

SMART Benchmarking Program

SMART Benchmarking provides a way for participating operations to compare equipment performance metrics in a confidential manner. Initiated in 2003, the vision for the Benchmarking program was to provide a means for low cost continuous benchmarking that would expand to include many surface mining operations. For each participating mining firm, benchmarking supports learning about best practice achievement in a performance dimension as a means to augment those dimensions where best in class performance has already been achieved. Golder Associates is the third-party administrator of the program, handling data processing and management for the reporting website.

Further information on the program can be found here.

We’re looking to assess the industry’s interest and needs. Take this survey to add your input!

Supporting Standards Development: Asset Management ISO TC 251

Asset Management ISO TC 251 sub-committee acts as a bridge between the mining industry and work of the ISO TC 251 – Asset Management, specifically the ISO 55000x standards series. The standards series is a global asset management systems tool to identify common practices that can be applied and utilized in the broadest possible range of industries, organizations and cultures. It will enable collaboration with other reliability and asset management organizations beyond the mining sector.

Working Group Publications

A Standardized Time Classification Framework for Mobile Equipment in Surface Mining: Operational Definitions, Time Usage Model, and Key Performance Indicators

Asset Management Working Group Charter

Asset Management Knowledge Sharing

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