Supporting asset integrity
AN asset is anything of real or potential value.
In mining and other industries, asset management is the set of activities required by an organisation to realise the value from that asset.
In particular, strategic asset management or Asset Lifecycle Management (ALM) is an improved way of managing a portfolio of assets across the whole mining operation.
According to WSP section executive Alana Newbrook, asset management is critical for a sector like mining, which is extremely asset-intensive.
“Effectively managing assets has a significant impact on the bottom line,” she said.
“During the 2003-2012 mining boom in Australia, the industry spent years investing in new assets to meet growing demand, but now miners are grappling with trying to optimise the performance of equipment that is under-utilised.
“Asset management is a key enabler to decision making, using the levers of risk, cost and performance.
“Integrating asset management into how decisions are made across a mining operation can improve business resilience and create a competitive advantage.”
Optimising assets at BHP Olympic Dam
WSP has a long history of working with clients in the mining and resources sector on projects that explore and understand their existing assets.
The company identifies activities that help address potential changes to come, so that clients are better prepared for the future.
BHP Olympic Dam is one such client who continues to look for ways to develop the mine and processing plant to improve safety, increase production and lower operating costs.
For more than a decade, the two teams have been working closely together on a range of projects to ensure Olympic Dam is a competitive operation.
In the last decade, WSP has delivered large studies around the water, power, and civil infrastructure components of Olympic Dam as part of a planned expansion.
Further to this, it worked on the operation’s water systems.
“More recently, we have been working with the team on asset integrity across both surface and mine operations to help inform decisions about asset criticality, capacity, remaining life and sustaining and life extensions,” said WSP client director for BHP Nick Flanagan.
“This has led to us assisting with de-risking the existing assets to support optimum production capacity and reliability.
“The future of the resources sector is positive and there is space to mature and further innovate by introducing smarter technologies and digital integration.”
Driving value with data
According to BDO’s Energy 2020 Vision: The Near Future of Mining, companies will increase discretionary spending on technology to protect assets, increase efficiency, and increase mines’ safety to align themselves with industry standards.
Currently, global miners are implementing asset management improvements on the fixed plan side through automation (79pc), cloud computing/computing power (71pc), big data/predictive analytics (46pc), IoT (29pc) and AI/machine learning (29pc).
Using technology such as asset digital twins enables clients like BHP to manage the full life cycle of an asset, possessing better visualisation for predicting useful asset life and identifying any potential weak points.
With digital asset management, critical data such as operating manuals, 3D models and drawings, maintenance reports, inspection data and work orders are compiled into one connected environment, benefitting users and owners alike.
WSP partners with clients to determine the right solutions that fit their needs, now and into the future.