Downtime Cost in a Mining Industry Due to Heavy Machinery Breakdown
In any business, time is money. This is why downtime caused by equipment failure and breakdown can result in significant profit loss. Mining companies, for instance, rely on heavy machinery and equipment to keep their operations going. But what if machinery breaks down? How much is lost, and what can be done to prevent this issue?
The High Cost of Downtime in the Mining Industry
To ensure the high efficiency and enhanced productivity of your business, you need to check the performance and quality of your machinery. Failure to keep your equipment in check or the continuous usage of a piece of mining equipment that is already malfunctioning will only make the problem worse.
Typically, the cost of downtime in mining companies can average in the hundreds of thousands of dollars per incident. If left unaddressed or the issue persists on a regular basis, the total annual cost of downtime can be astronomical. The amount can vary depending on the type of equipment that broke down, as well as the size of the company and the number of machines that failed, malfunctioned, or are no longer operational.
In addition to these costs, there is also the potential for lost profit based on the lost production time. Mining companies may sustain substantial losses per hour for every equipment failure incident, which can lead to significant total downtime, including the actual shutdown of the equipment plus repair time.
Prevention is Better Than Cure: Tips to Combat Unexpected Downtime in a Mining Company
Considering the massive expense that comes with downtime in the mining industry, it is important to take into account these tips and tricks to prevent unplanned downtime in the company. Here are some things you can do:
Ensure Comprehensive, Regular Maintenance of Machinery: Once a problem with the machinery arises, you have nothing left to do but suffer the monetary consequences of not keeping it well-maintained. We recommend that to prevent massive blows to your profit, it is a smart move to inspect and maintain the operation and performance of your machinery. Check the bearings and all the other major parts to see if these are properly lubricated, have no missing pieces, no loose connections, or no cracks present. Investing in ultrasonic testing is particularly effective in testing for flaws and corrosion in components of machinery such as crushers, boilers, and gears in the mining industry.
Maintain a Comprehensive Record of Maintenance: Keep a record of the detailed cost of breakdown as well as the other expenses, including when the machine was repaired or the parts were replaced. By doing so, you can determine the next schedule for inspection and maintenance while monitoring the equipment's wear rate, thus preventing unplanned and astronomical repairs and breakdowns.
Set Up a Predictive Plan: As your equipment in the mining company is your operation's lifeblood, it is only wise that you have a plan that will prevent the failure rate from increasing. Since a significant percentage of machinery breakdowns are triggered by belt drive and hydraulic power failures, it is best that you establish a plan. This plan of action includes regular testing and maintenance of machinery, monitoring the wear rate, etc. It's also important that your mining business has engineers who have taken and passed an NDT course. NDT courses can help your engineers assess a range of physical and functional properties of mining machinery, be it a component or a unit of equipment.
How Durst Products Reduce the Impact of Downtime
Downtimes are indeed very expensive and an unnecessary use of time. But the good thing is that this can be addressed and remedied accordingly. Simply set up a plan in your company to perform condition monitoring, continuous improvement, analysis of the source of the problem, asset management, and elimination of defects in the unit. These all help in preventing expensive machinery breakdown that can cost you an easy loss of several thousand dollars per hour while suffering the costly expense of getting your machinery repaired or even replaced in certain scenarios.
Durst products play a critical role in minimizing the impact of downtime with their advanced solutions. Here’s how:
Jump Starters: Durst jump starters are essential tools that quickly get your machinery moving again after a breakdown. They provide the necessary power to restart equipment, reducing the time spent waiting for repairs and minimizing production losses.
Diagnostic Tools: Durst diagnostic tools are designed for preventative maintenance. These tools help identify potential issues before they become critical, allowing for timely interventions and repairs. By catching problems early, you can avoid unexpected breakdowns and the associated costs.
