FRESH MINER FOCUS: INNOVATION AND DATA ANALYTICS

After bottoming out at the end of 2015 and early 2016, many commodities have begun to recover. Most miners that survived the downturn have achieved this by cutting costs and turning to innovation.

Innovation has arisen in many forms with millions spent on research and development to boost heavy machinery capabilities, safety, fuel efficiency, data gathering and analysis.

CYCLE TIMES LENGTHEN

In a recent Deloitte report Tracking the Trends 2016: The Top 10 Issues Mining Companies Will Face this Year, analysts have revealed resource industry cycle times have lengthened – resulting in longer up-ticks, but also elongated slumps.

Deloitte global leader mining Philip Hopwood said it could take the resources industry years to adjust to the prolonged cycle times.
According to Deloitte Americas Mining Leader Glenn Ives, the shifting cycle has made it more imperative than ever for resources and energy companies to pursue innovation to remain afloat during tougher times.

“Rather than being optional, being bold may be the prerequisite to survival,” Ives said.

Since the mining sector began its decline in 2013, the ongoing focus on cost-cutting has led to billions in savings and improved efficiencies.

AUSTRALIA HAS SOME OF THE BEST MINING
SERVICES ON OFFER

Former mining executive Nick Giorgetta opened the recent annual Diggers and Dealers conference.

In his speech, Giorgetta said Australia had some of the best mining services in the world and was a strong global competitor when it came to developing industry-related technology.

Giorgetta pointed out that despite the downturn, the resources sector remained Australia’s largest contributor to Gross Domestic Product (GDP) in the nine months ending March 2016.

He said he believed Australia’s mining industry will remain the country’s biggest GDP participant in the coming years.

He, too, mentioned that innovation was a key to resources companies remaining resilient during downturns.

MINERS INVESTING IN TECHNOLOGICALLY ADVANCED HEAVY EQUIPMENT

The Deloitte report revealed the technologies miners were seeking in heavy equipment included enhanced energy and fuel efficiencies, plus data collection and analysis capabilities.

The report states investing in fuel and energy efficient machines has saved miners up to 40 per cent in energy costs. Heavy equipment manufacturers have primarily achieved this by integrating renewable energy technology into their machines and refining processes to optimise energy usage.

 

fresh miner focus innovation and data analytics

DATA INTEGRATION AND ANALYTICS

Resources companies also now have the ability to collect masses of data from their heavy equipment using sensors and various monitoring technologies. This has created a market where data analysis can advance operational performance.

In a world first, global miner Rio Tinto established the Analytics Excellence Centre during early 2015.

Based in India, the centre’s function is to pool information captured by sensors on Rio Tinto’s fixed and mobile equipment.

The centre’s data scientists use predictive mathematics, machine learning and advanced modelling to analyse the collated intelligence. These tools assist in identifying potential inefficiencies and enable them to avoid unscheduled shutdowns.

This information assists in reducing maintenance costs, and potential production losses as a result of unplanned downtime.

“The Analytics Excellence Centre will allow us to extract maximum value from the data we are capturing around the performance of our equipment, making our operations more predictable, efficient and safer,” Rio Tinto group executive technology and innovation Greg Lilleyman said.

“The centre will help us predict the future through the use of advanced data analytic techniques to pinpoint with incredible accuracy the operating performance of our equipment,” he added.

“Our aim is to run more efficient, smarter and safer mining operations and provide greater shareholder returns.”

EQUIPMENT SOLUTIONS YOU CAN DEPEND ON. EVERY TIME.

Resolute Equipment is a preferred heavy equipment partner to Australian mining, energy and construction sectors.

With a wealth of knowledge and experience behind them, the Resolute Equipment team makes sure each client gets the most innovative and technologically advanced equipment combinations for their application and budget.

Find out why our clients keep returning. Contact Resolute Equipment today: 1300 30 88 40