December 16, 2022
Sustainable development has become a major focus for businesses in recent years, with the growing emphasis on environmental, social, and corporate governance (ESG) issues. In response, mining companies are committing to responsible business practices that prioritize ESG principles, with the International Council Mining & Metals (ICMM) developing a framework specifically for businesses in this sector. Implementing predictive maintenance solutions can help mining companies improve their sustainability by reducing their environmental impact, improving their operational efficiency, and demonstrating their commitment to ESG principles.
The rising importance of ESG
Sustainable development has become a major focus for businesses in recent years. As consumers become increasingly concerned about the impact of business practices on the environment and social justice, companies are being held to higher standards of corporate responsibility.
One key aspect of this shift is the growing emphasis on environmental, social, and corporate governance (ESG) issues. There is now an expectation that mining companies conduct their business in a profitable and sustainable way without causing negative impacts on people, the planet, or the economy.
One of the driving forces behind this shift is the United Nations’ Principles for Responsible Investing (PRI), which were established in 2005. The PRI highlights the importance of ESG issues and calls on signatories to consider these matters when making investment decisions. Today, the PRI has over 3,800 signatories, with more than $121 trillion of assets under management.
In addition, the past decade has seen a surge in retail investors considering ESG criteria when making investment decisions. Funds that facilitate investment in companies prioritizing ESG issues are on track to have over $53 trillion in assets by 2025. These developments reflect a larger social shift towards greater awareness and concern for sustainable business practices.
Many business leaders have responded to this shift by embracing responsibility for operating in a way that considers ESG issues. In the mining industry, the International Council Mining & Metals (ICMM) has developed a set of principles that articulate an ESG framework specifically for businesses in this sector.
Members of the ICMM, which represent one-third of the industry, commit to implementing these principles as part of their efforts to work towards sustainability.
One of the key benefits of focusing on sustainable growth is that businesses can maintain profitability by acting responsibly. The evidence shows that companies that attend to ESG issues tend to create more value for shareholders than those that do not.
Predictive Maintenance and ESG
Committing to predictive maintenance programs can help mining companies be more sustainable by enabling them to identify and address potential problems with their equipment before they cause disruptions or failures. This can help reduce downtime, lower energy consumption, and prevent the release of harmful emissions or waste products. By proactively maintaining equipment and addressing potential issues, mining companies can improve their operational efficiency and reduce their environmental impact.
Predictive maintenance solutions can also help mining companies identify opportunities to upgrade their equipment or processes, which can further improve their sustainability. For example, by analyzing data on equipment performance, a mining company may discover that certain machines are using more energy than necessary, and could benefit from being replaced with more efficient models. This can not only reduce the company’s environmental footprint but also save money on energy costs.
Furthermore, implementing predictive maintenance solutions can help mining companies demonstrate their commitment to ESG principles and improve their reputation with stakeholders such as investors and customers. By using data-driven insights to drive continuous improvement in their operations, mining companies can show that they are taking a proactive and responsible approach to sustainability.
Click here to download a “Reaching ESG and profitability goals with predictive maintenance” report.
Not all Predictive Maintenance solutions are created equal
The vast majority of predictive maintenance solutions diagnose the symptom of machine failure. They don’t uncover the failure’s root cause. Let’s take bearing wear failure as an example. Various reasons may cause it, each requiring different maintenance approaches, e.g., overload, oil contamination, conveyor belt imbalance, and lubrication failure.
If we address the symptom (replacing the bearing), we will not only cause the failures to re-occur but increase the possibility of dangerous failures and safety accidents.
The unsolved symptom<–> root cause cycle will keep happening.
By implementing predictive maintenance solutions, we can proactively identify potential issues and take action to prevent future failures. This not only saves time and money, but it also helps improve the sustainability of our operations. Join the conversation and let us know how predictive maintenance has helped your business.
DataMind AI™ is the All-in-One Predictive Maintenance solution that utilizes Sensor Fusion and AI to diagnose failures and identify their root causes, so the failures don’t happen again.
Learn more about DataMind AI™.
