Life Cycle Cost Model Mining Equipment

Chapter 9 Mining Equipment Costing

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 efficiency of the …

Life-cycle cost model and evaluation system for power grid assets …

In recent years, electric power companies have intensified life-cycle cost (LCC) research to improve asset management and operational efficiency and respond to governmental supervision of grid transmission costs [1], [2].In the power industry, LCC analysis can be applied to the procurement, modernization, and overhaul of power plant equipment, the establishment …

Life Cycle Model and Metrics in Shipbuilding: How to Use them in …

Maritime vessels are complex products with long service life and great costs of building, manning, operating, maintaining and repairing. The paper aims to introduce a specific life cycle model and related metrics in shipbuilding design, supporting decision-making processes of material selection, manufacturing/assembly practices, maintenance, use, etc.

Pragma develops Life Cycle Costing model for one of the coal mining

One of the challenges faced by large asset owners, including mining companies, is understanding the total costs of assets over their life cycles. Life Cycle Costing (LCC) is a tool or model that enables comparative cost assessments to be made over a specified period of time, taking into account all relevant economic factors both in terms of ...

Comparative life cycle assessment of battery-electric and diesel

The global mining and metals industry accounts for approximately 8% of global carbon emissions (Cox et al., 2022).The electricity consumption in the Chilean copper mining sector is estimated to increase by 39.5% between 2022 and 2033 (from 23.5 TWh to 32.8 TWh, respectively) due to a 23% increase in copper production during the same period (Cochilco, …

Equipment Lifecycle Management | |

Helping them better understand how to optimize equipment performance and maximize its life. Leveraging equipment health data and sophisticated analytics to enable a preventive approach to maintenance. Helping customers make smart decisions about buying, operating, maintaining, repairing, rebuilding and replacing equipment.

Development of an economic replacement time model for …

In mining operation equipment replacement represents a strategic decision problem. This paper presents an economic replace-ment time model for mining drill rigs. A total ownership cost …

Comprehensive Guide to Mining Industry Cost Estimation: Key …

Detailed Financial Model: Cash Flow ... Plan (EMP): Providing a comprehensive plan for mitigating and managing environmental impacts throughout the project's life cycle. Regulatory Compliance ... Costs for items like lubricants, filters, and replacement parts for mining equipment. Energy Costs: Electricity and Fuel: Expenses for powering ...

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 Optimization.

Equipment Lifecycle Cost Calculator

You should enter your own costs (or those provided by your equipment supplier) in the cells provided to calculate the life cycle owning and operating cost. To assit you to estimate the life cycle cost of your equipment, iSolutions has provided this free Equipment Life Cycle Cost Calculator. This spreadsheet can them be used to evaluate ...

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

An improved stochastic life-cycle cost analysis model for …

An improved stochastic life-cycle cost analysis model for examining the impact of environmental policy instruments on construction equipment replacement. ... Development of an economic replacement time model for mining equipment: a case study. 2022, Life Cycle Reliability and Safety Engineering. View all citing articles on Scopus. View full text

The stages of mining: 5 lifecycle processes explained

Mining companies need to integrate environmental and social impact assessments into mining projects. These assessments are the process of determining, analysing and evaluating the potential environmental and social impacts of a mining project, and designing appropriate implementation and management plans for the mining life cycle. Orebody models

Total Cost Considerations | Governmental | |

To estimate life cycle costs: Begin with the initial purchase price (less trade-in value for old equipment). Add scheduled maintenance costs. Find information in the Operation and Maintenance Manual. Add expected repair costs. Information comes in the form of a quote for warranty or extended warranty. Add fuel costs.

Life Cycle Cost

Though it has been stressed that life cycle costing should include all direct and indirect life cycle costs of products, regardless the bearer of the cost, (Farr, 2011; Swarr et al., 2011) reviews of life cycle sustainability studies including life cycle costing found that most studies considered only the producer perspective (Fauzi et al ...

LIFE CYCLE COSTING

1 Begin with the make and model of the equipment and the selling price. 2 Subtract the trade-in amount or the fair market value ... 7 Life Cycle Cost (Item #3 + Item #4, + Item #5 - Item #6) Total: = $ _____ $ LIFE CYCLE COSTING 3. BASICS OF LIFE CYCLE COSTING ...

Life Cycle Cost

Life cycle costing (LCC) is a concept for estimating the total cost or total ownership cost (TOC) which includes acquisition costs (total capital cost, i.e., land acquisition costs and construction costs), ownership costs (all future costs, viz., installation costs, operation costs, repair costs, service and maintenance costs, and disposal costs), as well as other cost …

Case Study: Model for Economic Lifetime of Drilling …

and the target equipment. Cost estimation with a parametric model is based on predicting the equipment's total cost by using regression analysis based on technical information and historical cost (Asiedu 1998). Life cycle cost (LCC) analysis should not be seen as a method for defining the total cost of the equipment but as a help in decision ...

Maintenance Schedules of Mining HEMM Using an Optimization Framework Model

Production relies upon availability of equipment as well as sub-contract miners and it has a cascading effect on the subsequent downstream processes in the entire mining supply chain [4]. If the entire life cycle of an asset and its processes are considered, the primary focus will have to be on maintaining the equipment to enhance the life ...

USING DIAGNOSIS AND LIFE CYCLE COST TO IMPROVE …

equipment during life cycle cost analysis, from N538, 000 to N3, 786,000 between 2010 and 2017 respectively; which has consequently increased total ownership cost

(PDF) The method of determining the optimal life cycle of the mining

One of the significant components of production costs are the purchase and operating costs of machinery and equipment; according to Coromant, they can account for approx. 30% of ...

Lifecycle Cost

The present value of the recurring cost must be obtained, using discounting formulas, before it is added to the nonrecurring cost. • Life Cycle Cost Model II. Three major costs form the life cycle cost in this model: research and development cost, investment cost, and operations and maintenance cost [1, 9–11]. Thus, the life cycle cost is ...

Mining Equipment Costing

Cost is an important consideration in mining equipment. Various important aspects of mining equipment costing are covered in the chapter. Some of the topics covered include reasons for mining equipment costing, methods for making mining equipment investment decisions, cost estimation models for mining equipment, life cycle costing concept, and life cycle cost …

Total cost of ownership along the mine asset

model to encompass all product life cycle costs that couldalso be adaptable forvarious supply chain principals and perspectives. An effective supply chain process which is

Life cycle assessment of coal mines of diverse scales over time in

In the life cycle of a coal mine, there are many environmental impacts, from the exploration to production and eventually closure (Ardejani et al., 2022).The impact of coal mining on greenhouse efficiency and sustainable development has been widely concerned (Akinyemi et al., 2019; Dutta et al., 2020; Hassan, 2022; Saikia et al., 2020; Silva et al., 2020).

Major Equipment Life-cycle Cost Analysis

Equipment life-cycle cost analysis, Equipment maintenance, Fleet management, Benefit cost analysis . No restrictions. Document available from: National Technical Information Services, Alexandria, ia 22312 19. Security Class (this report) 20. Security Class (this page) 21. No. of Pages 22. Price Unclassified Unclassified 107

Basic Principles of Life Cycle Costing

In a modern open cut mine, large mining equipment accounts for over 75% of the annual operating budget. Understanding the cost and performance of this equipment is therefore crucial in managing the mines cash flow and …

COST ANALYSIS OF CONSTRUCTION EQUIPMENT

stochastic equipment life cycle cost analysis (LCCA) model to optimize equipment economic life based on life cycle costs for a public agency's fleet. A public agency does not have financial flexibility; consequently, the constraints on the us of available funding can affect the replacement and repair cycles for its equipment fleet. In this ...

LIFE CYCLE COSTING

LIFE CYCLE COSTING ©2021 RPMGlobal ASSET MANAGEMENT. Overview . This course provides participants with a solid foundation in the application of life cycle costing (LCC) methods to mining plant and equipment. It focuses on teaching participants how to use LCC principals to solve real-world problems and to assess investments ...

Determining Economic Life of Earth Moving Equipment by Using Life Cycle

The asset's economic life is the time at which the total cost is minimized. 4. DETERMINING ECONOMIC CONSTRUCTION EQUIPMENT LIFE OF 4.1 Selecting Equipment 3. LCC AND DETERMINING ECONOMIC LIFE 3.1 Life Cycle Cost Model Life-cycle costing (LCC) analysis considers all costs associated with equipment's life cycle.

Lifecycle cost analysis | Maintenance and Engineering

Figure 2: Life cycle costs operational data template. Furthermore, a cost model using five years' operating costs means that options considered must create an annual return equivalent to 20% to achieve a lower overall total cashflow. This simplification does not affect the value of the model if it is used as the basis for comparing options.

(PDF) Using Diagnosis and Life Cycle Cost to Improve Reliability …

Life cycle cost analysis comprises of life cycle costs, equipment decision procedures, and replacement analysis models, Gransberg and Edward [6]. They further stated that life cycle costs for equipment has two component which are ownership and operating cost that determines the decision to repair, overhaul or replace equipment.

Lifecycle costing: one of the critical elements of a systematic

The following are the steps to develop an LCCM for mining equipment: Step 1: Define the equipment and its intended use This includes specifying the equipment type, capacity and expected service life. Step 2: Identify the costs associated with the equipment This includes acquisition costs, operational costs, maintenance costs and disposal costs.

Performance Modeling and Cost-benefit Analysis of Hybrid …

3 IV. SIMULATION MODELS A. Diesel-Generator Set model The diesel engine is the main power source, which drives the generator, hydraulic pump and other accessories.

Development of an economic replacement time model for mining …

A cost analysis model for heavy equipment

A cost analysis model for heavy equipment. Author links open overlay panel Shibiao Chen a, L. Ken Keys b. ... Increasing complexity and costs of new products place an increased importance on a system life-cycle cost analysis by the vendors and customers. ... In a mining job site, cost data is collected on a regular basis so that the mine ...

LIFE CYCLE COSTING

Budgeting & forecasting, equipment selection/bids / assessments, dynamic life cycle costing, strategy optimisation, and replace verse rebuild decisions. This course provides participants …

Asset Management Life Cycle Costing

This course provides participants with a solid foundation in the application of life cycle costing (LCC) methods to mining plant and equipment. It focuses on teaching participants how to use LCC principals to solve real world problems and to assess investments using reliability financial modelling and sensitivity analysis.

Equipment Management | |

We know there's a lot that goes into equipment management. That's why we offer mining services, support, and solutions that make things simple: every step of the way. Extend the life of your equipment and stay ahead of downtime with ® Customer Value Agreements (CVAs), repair options and rebuilds, equipment health monitoring, and more.