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This article explains why using an EAM system is good for improving Rare earth metal reserves.

The Rare Earth Metal Concern

Rare earth metals are used as components for a number of high-tech and military assets. The concern for the last couple of years is that the mining of these elements is highly concentrated in one part of the world. This could potentially put countries and industries at the mercy of one country.

The good news is that most rare earth metals are not uncommon. The problem is that they are not usually found in high concentrations and mining them produces enormous amounts of waste which can have serious environmental consequences if slurry tailings and the toxic acids used in the mining process are not handled well.

In an effort to be less dependent on one source, many countries have stepped up metal and mining exploration as well as developed new mining methods that are more efficient.

“The backbone of a precious metals company is its reserves, and the only way to beef up reserves is to explore for good mining areas”

Source: Investopedia

These mining projects can be very costly and require significant asset management to ensure efficient production and waste disposal.

Better Asset Management for Mining Operations

An EAM system can help mining operations be more efficient, stay in compliance with government environmental regulations and maintain safety levels for miners by:

  • Organizing and automating the work management process including inspections, preventive maintenance and repairs.
  • Enables management to establish standard operating procedures and monitor their compliance.
  • Creates a computerized record of the asset location, description, serial number, purchase date, install date, vendor as well as many other asset details.
  • Records all work management history giving asset managers enough information to make good repair, refurbish or replace decisions.
  • Provides for document management of contracts, blueprints, photos and other important attachments.
  • Ensures through good maintenance practices that waste products do not find their way into the environment.

With an EAM, mining asset managers will always know where their assets are and the condition they are in. In addition, operational costs are minimized through efficiency and capital expense reductions.