Economic life is the length of time an asset is expected to be useful to the owner. Assumptions when calculating economic life are that the asset will be operated at a normal level of usage and with preventative maintenance. Economic life can be reduced or ended by asset wear and damage, asset obsolescence, and changes in business operations.
WhatsApp: +86 18221755073
Remaining Useful Life Estimation of Mining Equipment – A Case Study B. GHODRATI* and F. AHMADZADEH and U. KUMAR Div. of Operation and Maintenance Engineering Luleå University of Technology, Sweden To ensure the production/output and customer satisfaction in mining sector the estimation of Remaining Useful Life of mining …
WhatsApp: +86 18221755073
The work presented a replacement model combined with straight-line depreciation method, which can be used to determine the economic life of the productive machines and equipment. The proposed approach helps the managers and the owners of the business firms in computing the economic life of their machine.
WhatsApp: +86 18221755073
mining companies to perform life cycle cost (LCC) analysis to estimate the economic replacement time (ERT) of their production rigs, even prior to purchasing them (Markeset and Kumar 2018; Galar et al. 2017). The life cycle cost of equipment is determined by sum-ming up all the potential costs associated with the equipment
WhatsApp: +86 18221755073
Innovation plays a critical role in the mining industry as a tool to improve the efficiency of its processes, to reduce costs, but also to meet the increasing social and environmental concerns among communities and authorities. Technological progress has also been crucial to allow the exploitation of new deposits in more complex scenarios: …
WhatsApp: +86 18221755073
Before beginning mining operations, the company installed equipment at a cost of $2,700,000. This equipment will have no economic usefulness once the silver is depleted. Therefore, depreciation of the equipment is based upon the estimated number of tons of ore produced each year.
WhatsApp: +86 18221755073
Mining in Australia has also spurred the development of a world-leading mining equipment, technology and services sector. This industry subset is expected to continue to transform the sector through digitally-enabled technology, AI and automation and add $50 billion to the Australian economy by 2030. [3]
WhatsApp: +86 18221755073
LCC and EL models have been widely used in recent years to determine the decommissioning life of equipment in energy companies, with LCC (life-cycle cost) being the total "lifetime" cost of the equipment …
WhatsApp: +86 18221755073
A new lease of life to mining equipment. "With rebooted machines typically offering at least 90% of the lifespan of new equipment, the economic advantages to mine owners are clear – and we haven't …
WhatsApp: +86 18221755073
The effectiveness of mining equipment is a huge challenge in mining which affects mining companies' competitive advantage in the global mining sector. ...
WhatsApp: +86 18221755073
Proper investment planning enables the company to identify equipment that will create economic value throughout its useful life. Companies acquire physical assets when: > there is a need to scale up …
WhatsApp: +86 18221755073
Mining also provides us with valuable minerals such as coal, copper, iron ore, diamonds and a variety of other raw materials. It is used to develop products like medicines, fertilizers, plastics and chemicals that are necessary for modern life. Mining is also important in developing new technologies such as renewable energy sources and medicines.
WhatsApp: +86 18221755073
In the large surface mines in Western US, open cast mining is often the method of choice and in these large mines reclamation work follows stripping closely and a large number of mobile equipment are deployed throughout the …
WhatsApp: +86 18221755073
Mining industries provide many of the raw materials for equipment we use daily, from aluminum cans up to electronic chips of cell phones and computers. ... A clear first role of mining in the global …
WhatsApp: +86 18221755073
of these costs represents the total cost required to own the mining equipment (Hall 2007). Life cycle cost analysis helps decision makers justify equipment replacement on the basis of the total costs over the equipment's useful life. It allows the maintenance manager to ... time of capital equipment using economic theories and vintage capital ...
WhatsApp: +86 18221755073
In this article, we delve into the economic significance of the mining industry on a global scale, examining its impact on employment, investment, trade, and technological advancement. Historical Overview. …
WhatsApp: +86 18221755073
Battery-driven mining equipment is often powerful enough to replace diesel-driven options. Replacing diesel engines with electric engines where possible can significantly reduce the amount of CO 2 produced by mining operations. In general, the mining industry is already moving in the direction of electric equipment, with more and more mining ...
WhatsApp: +86 18221755073
In mining operation equipment replacement represents a strategic decision problem. This paper presents an economic replacement time model for mining drill rigs. …
WhatsApp: +86 18221755073
In this case study the economic life time of. drilling machine is defined as the optimal age wh ich minimises the total adjusted cost value. 3. The term "total adjusted cost value" is defined ...
WhatsApp: +86 18221755073
The global mining industry is under pressure. In the short term, falling commodity prices are squeezing cash flow. Looking ahead, many existing mines are maturing, resulting in the extraction of lower ore grades and longer haul distances from the mine face; ore-body-replacement rates are in decline; and new-mine-development times …
WhatsApp: +86 18221755073
Study with Quizlet and memorize flashcards containing terms like Example Exercise 9-1 Capital and Revenue Expenditures On June 18, GTS Co. paid $1,200 to upgrade a hydraulic lift and $45 for an oil change for one of its delivery trucks. Journalize the entries for the hydraulic lift upgrade and oil change expenditures., Example Exercise 9-2 …
WhatsApp: +86 18221755073
Technology and Equipment-Related Risks: Rapid technological advancements in the mining industry introduce risks associated with equipment obsolescence and the need for continuous adaptation. Workplace Health and Safety Risks : The construction and operational phases involve a range of hazards for workers, …
WhatsApp: +86 18221755073
Despite its economic success, the mining industry is still held back by certain problems ... The life cycle of a mining project is principally divided into ... with the use of mining equipment [67 ...
WhatsApp: +86 18221755073
The need to 'reduce, reuse and recycle' is now widely accepted, but equipment rebuilds can also reduce fuel consumption, Total Cost of Ownership (TCO), downtime and accidents, in addition to ...
WhatsApp: +86 18221755073
The mining industry has been and continues to be a huge part of Australia's economy. In fact, the International Trade Administration found that the economic contribution of mining in Australia accounted …
WhatsApp: +86 18221755073
of these costs represents the total cost required to own the mining equipment (Hall 2007). Life cycle cost analysis helps decision makers justify equipment replacement on the …
WhatsApp: +86 18221755073
Mm. This study investigates the criteria for determining the economic lifespan of mining equipment from the perspective of a supplier of maintenance and …
WhatsApp: +86 18221755073
136 9 Mining Equipment Costing • To provide appropriate assistance in controling the cost of equipment manufact- ure. • To determineif it is moreeconomicalto producethe partsin-houseor to procure them from vendors. • To determine the amount of money required for facilities to manufacture the equipmentunder consideration. • To determine the …
WhatsApp: +86 18221755073
The proposed model shows that the absolute economic replacement time of the drill rig investigated in this case study is 81 months and the mining company …
WhatsApp: +86 18221755073
Development of an economic replacement time model for mining equipment: a case study Hussan Al‑Chalabi1 Received: 17 January 2022 / Accepted: 5 March 2022 / Published online: 30 March 2022 ... 2022 Abstract In mining operation equipment replacement represents a strategic decision problem. This paper presents an economic …
WhatsApp: +86 18221755073