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Improving Risk Management with Predictive Maintenance

Modern risk management software and predictive maintenance solutions are critical in helping mining companies ensure operational success amid a volatile work environment.

Mining operations are vulnerable to many risks. Headwinds for mining companies take the form of health and safety concerns, unstable environments, equipment failures, and limited access to replacement parts, among many other challenges.

The development of bulletproof risk management strategies is crucial to mitigate these risks and capitalise on mining opportunities.

Key fact: Combining IoT sensors with a centralised database and machine learning tools, a metal mine was able to improve chemical recovery by 10-15%

Digital solutions aimed at mine autonomy are key to developing effective risk management programs. Predictive maintenance (PdM) plays an important role here, using condition-based monitoring to detect failures in real-time.

Not only does PdM improve health and safety measures, it also enhances the reliability, availability, and performance of equipment, equalling more productive mine operations.

Key fact: The economic impact of sensors used for predictive maintenance in mining operations will range from $200-900 billion by 2025

Benefits

  • Operational efficiency

  • Reduced health and safety risks

  • Improved mine productivity

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