Dynamic risk-based methodology for economic life assessment of …
Recently, there has been growing interest in estimating the economic life of aging assets. Sahu et al. (2016) estimated the economic life of machines using a depreciation substitution model. Bester et al. (2019) developed a system dynamics model that incorporates technical and behavioral aspects to determine the factors influencing the economic lifespan …
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An Overview of Mining Technology and Equipment
The equipment utilized in mining operations varies based on the material type being extracted, the geographical context, and the employed mining method. Surface and underground mining equipment are the two primary equipment categories used in mining. 1,2. Surface mining equipment. Surface mining involves removing large amounts of earth to ...
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Criteria for the determination of economic replacement of …
equipment models where the life of the mining equipment where extended to 100,000 hours. The results indicate that the model can be used as a criterion for determining the economic life of mining equipment. It is calculated that all three mining equipment models have an economic life span of less than 100,000 hours. iii
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Technology and equipment of deep-sea mining: State of the art …
In 1965, Mero recognized their economic potential and predicted that 'deep-sea mining would commence in 20 years' (Mero, 1965). After a long time of exploration and research, three kinds of deep-sea minerals (i.e., PMN, CFC and PMS) are considered to have commercial exploitation prospects, based on their reserves, mining technology and ...
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The Average Life Span of Construction Equipment
Skid steers are pieces of equipment for digging, scooping and hauling away materials. No matter if you're responsible for landscaping work, cleaning up after a demolition, removing snow from parking lots or handling aggregates, very few pieces of equipment get the job done like a skid-steer loader.. The life expectancy of a skid steer can be upwards of 5,000 hours with the …
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Exploring the Economic Benefits of Coal Mining: A …
Communities benefit from better infrastructure and public services, which in turn attracts further business investments and enhances the quality of life for residents. Economic Diversification Opportunities. Coal mining regions are exploring economic diversification to reduce their dependency on coal. This shift includes the development of ...
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Life of Mine Planning: Tools and Techniques You …
In the ever-evolving and highly technical field of mining, life-of-mine planning emerges as a critical process that ensures the extraction of minerals is both economically viable and ...
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MINING EARTH MOVING EQUIPMENT MAJOR COMPONENT …
This paper presents an economic replacement time model for mining drill rigs. A total ownership cost minimization model was developed to optimize the lifetime of a drill rig used in Tara underground mine in Ireland. ... Mining equipment comes in different form and each mining application requires a specific design to meet the intended duty ...
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Comprehensive Guide to Mining Industry Cost Estimation: Key …
Replacement of Mining Equipment: ... Sustaining capital and maintenance activities are essential for prolonging the life of a mining operation, maintaining compliance with regulations, and safeguarding the environment and the well-being of employees and communities. ... Evaluating the economic viability of a mining project by comparing the ...
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How To Depreciate Machinery And Equipment Useful Life
Understanding how to assess the useful life of machinery and equipment is a fundamental principle of calculated financial decisions. Financial officers. ... thus promoting economic growth. ... The Market For Advanced Mining Equipment Is Thriving, And Insightful Mining Equipment Manufacturers Are Playing A Big Role In Driving It Forward. ...
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Development of an economic replacement time model for …
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
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Coal Mining Equipment List
The machines and equipment used in coal mining vary according to the. ... a limited shelf life. It is also a dirty energy source and can contribute to air and water pollution. Also, the cost of mining coal has risen significantly over the years, making it less profitable for some companies. The economic impacts of coal mining should be ...
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Unlocking Potential: Understanding Remaining …
The calculation of Remaining Economic Life is generally straightforward and essential for financial modeling. The formula is: Remaining Economic Life = Total Useful Life – Age of Asset. The Total Useful Life is the …
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(PDF) Economic lifetime of a drilling machine: A case study on mining
The results indicate that AIMMS supports strategic maintenance decisions, and helps increase equipment effectiveness by prioritizing equipment criticality and focusing on specific resources that ...
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Development of an economic replacement time model …
In mining operation equipment replacement represents a strategic decision problem. This paper presents an economic replacement time model for mining drill rigs. ... the economic life policy proved ...
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Estimated Normal Useful Life Study
Machinery and Equipment – The Fundamentals of Appraising Machinery and Technical Assets textbook be used as a pre-reading to become familiar with terminology used in the guide. Normal Useful Life (NUL) is separate from economic and accounting life. It is defined as follows for the purpose of this document:
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Mobile Equipment Life Cycle Costing
Mobile Equipment Life Cycle Costing is a practical guide for managing the economic life of a mining truck fleet. It covers key financial, commercial and physical aspects of truck management and explains specific methods for acquiring and operating these vehicles to full advantage. The course includes three sections—Introduction, Life Cycle Cost Analysis, and …
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Life of Mine Optimization of Surface Mining | SpringerLink
The expected life of equipment can be estimated from the manufacturers' specifications. The overall working schedule is 350 working days a year, two shifts per day, and 12 h per shift (as outlined in Table 6.2). The mining and equipment efficiencies are as follows: Ore recovery rate is 90%, Ore dilution rate is 5%,
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9.1 Mining and metallurgical property, plant and equipment and
In particular it relates to buildings and structures of the mines machines and mining equipment, except for the items of property, plant and equipment used in metallurgical plants, where their usage results from the useful economic life of the given item of property, plant and equipment. The useful lives, and therefore the depreciation rates of ...
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The study of decision making tools for equipment selection in mining
Equipment selection decisions which are the most important stage of short and long term surface mine planning have radically influenced the economic life of any mining scenario. Furthermore ...
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Evaluating and optimizing the effectiveness of mining equipment; …
Three variables such as profit, physical and economic life determines the overall equipment life. Physical and economic life calculations are important for identifying the replacement time of that ...
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Economic Life
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.
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Economic Life: Definition, Determining Factors, Vs.
The economic life of an asset is the period of time during which it remains useful to its owner. Financial considerations required for calculating the economic life on asset include its cost at ...
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(PDF) Case Study: Model for Economic Lifetime of
The purpose of this article is to develop a practical economic replacement decision model to identify the economic lifetime of a mining drilling machine. A data-driven optimization model was...
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New lease of life makes sense for mining equipment
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 ...
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Cutoff Grades & Life of Mine (LOM)
However, due to constant market fluctuations in the value for metals and minerals, as well as unpredictable geological conditions, the economic viability of mining operations and the determination of cutoff grades is a constantly moving target which requires world class mining systems and disciplines. Key Client Challenges:
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(PDF) Economic Life of Earth Moving Equipment …
The purpose of this paper is to demonstrate how the standard economic life model for equipment replacement can be slightly modified to determine the …
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Managing mining equipment throughout its lifecycle
Lifecycle management of mining equipment is crucial as it allows an organization to: > maximize revenues by enhancing asset productivity. > minimize operations and maintenance costs. > minimize depreciation by extending the …
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Case Study: Model for Economic Lifetime of Drilling …
Economic globalization increases competition among mining companies, pushing them to achieve higher production rates by increasing automation and mechanization and using new and more …
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Property, Plant and Equipment IAS 16
The cost of an item of property, plant and equipment shall be recognised as an asset if, and only if: (a) it is probable that future economic benefits associated with the item will flow to the entity; and (b) the cost of the item can be measured reliably. Items such as spare parts, stand-by equipment and servicing equipment are
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