ASSET MANAGEMENT WORKING GROUP

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. Read more here. 

Join the Working Group and its Projects 

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. 

WHY DOES ASSET MANAGEMENT MATTER?

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 can 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

ACTIVITIES AND INITIATIVES

Asset Management Framework

This activity aims to provide the Asset Management Working Group with a clear path forward in terms of future projects and priorities. Once completed, this will be used by the Working Group to identify knowledge gaps and areas that will require the most work in order to move from reactive to proactive maintenance for mobile mining equipment. 

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 lowcost, 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. GMG is currently assessing member interest in this program, as it is now under GMG ownership. 

Supporting Standards Development: 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 used 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. 

RELIABILITY MODEL

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2021 WORKING GROUP INITIATIVES

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 Knowledge Sharing

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