A Guide to Asset Management in the Mining Industry

The mining industry is highly asset-intensive. From giant haul trucks and excavators to processing plants, operations rely on heavy equipment running reliably and in a cost-effective manner.

All of this means that effective asset management is especially critical in this sector, as equipment downtime can cost a company hundreds of thousands of dollars and derail production. The best way to overcome these failures is for maintenance professionals to take a proactive approach to maintenance, keeping equipment in top condition and avoiding catastrophic failures before they happen.

This guide will show you how to improve your asset management so that your mining equipment stays reliable, your maintenance costs stay under control, and your operation keeps running at full capacity.

Key Takeaways

• Equipment downtime in mining is expensive, and maintenance can account for 30–50% of operating costs. That’s why strong asset management has a direct impact on productivity, safety, and profitability.
• Preventive and predictive maintenance strategies can cut unplanned downtime by more than 30%. Tools like IoT sensors and analytics make condition-based maintenance possible, allowing teams to service equipment based on actual wear instead of fixed schedules.
• Mobile-first work order systems and CMMS platforms are transforming mining maintenance, improving efficiency, reducing paperwork, and giving teams real-time data to make smarter decisions on the ground.

What is asset management?

At its core, asset management is about taking a coordinated, lifecycle approach to caring for assets so you can maximize their value. The international ISO 55000 standard defines asset management as the “coordinated activity of an organization to realize value from assets.” It means systematically tracking, maintaining, and optimizing equipment and other assets so they perform their best and last as long as possible.

In the mining industry, this applies to a wide range of physical assets, from drills, shovels, and haul trucks to conveyors, processing plants, and site infrastructure. Managing these assets involves their entire lifecycle—from procurement and installation through operation and maintenance until final decommissioning or replacement. The goal is simply to get the most productivity and safety out of each asset while minimizing downtime, risk, and total cost of ownership.

A strong asset management program in mining focuses on balancing performance, cost, and risk. This means scheduling maintenance before things break, replacing equipment at the right time, and making sure every machine is used efficiently. Doing this well keeps your operations running smoothly while lowering costs, improving working conditions, and giving you the insight you need to make long-term decisions about how to invest in and maintain your fleet.

Why asset management is critical in mining

Mining presents some unique asset management challenges compared to other job sites. Mines rely on a wide range of complex, often mobile equipment—from massive haul trucks and shovels to stationary mills and processing plants. These assets operate under tough conditions, from abrasive materials and extreme weather to long, continuous hours. Add in remote locations and the scale of modern operations, and it’s clear why maintaining equipment is so complex. In fact, more than 60% of a mine’s workforce may be involved in equipment maintenance and repairs.

Despite these challenges, the payoff of good asset management in mining is high: it means fewer surprise failures, better worker safety, and more reliable production output. Asset management in mining is not just about maintenance. It also helps with:

• Maximizing uptime and productivity: In mining, machine uptime is money. Effective asset management directly increases productivity by keeping equipment available and operating at peak efficiency.
• Cost reduction and efficiency: An asset management approach also unlocks cost efficiencies across the board. By scheduling maintenance during planned stops and optimizing spare parts inventory, mines can reduce maintenance spending and avoid the premium costs of emergency fixes or rushed part shipments. 
• Safety and regulatory compliance: Just as importantly, effective asset management enhances safety and compliance in mining operations—a critical concern in this industry.
• Optimizing asset lifecycle and ROI: Mining assets are big-ticket investments, so managing them well over their entire lifespan is key to getting a good return on investment.

Mines that excel in asset management enjoy more efficient operations with less downtime, spend fewer dollars per hour of equipment operation, and uphold strong safety records and compliance. The next section breaks down the key components of asset management in mining and how each contributes to these outcomes.

Key components of asset management in mining

Asset management in the mining industry can be viewed as a combination of several key components or practices.  Each one tackles a different part of the asset lifecycle, but combined, they form a unified strategy to keep equipment running reliably and operations on track.

Asset inventory management

Asset inventory management is about keeping a detailed, up-to-date record of every asset in your operation, and it represents the foundation of your asset management strategy. For a mining company, this means having an up-to-date catalog of every piece of equipment, vehicle, and facility in the operation, along with information like its location, status (operational or under repair), age, maintenance history, and specifications. Essentially, it answers the question: What assets do we have, where are they, and in what condition?

In mining, inventory management is especially critical because of the scale and spread of assets. Mines often have hundreds or thousands of assets distributed across large mine sites (or across multiple sites). Without good asset inventory management procedures in place,  it’s easy for equipment to become underutilized or for maintenance to overlook a distant asset. For example, if you know you have an available haul truck at Site A that’s underutilized, you can transfer it to Site B, where there’s a truck shortage, instead of renting or buying another.

Ultimately, asset inventory management gives you the groundwork to make smarter decisions about how your assets are used and maintained. Getting this right forms the foundation for effective maintenance planning and sets you up for success across all other aspects of mining asset management.

Preventive and predictive maintenance

Keeping mining equipment running reliably requires shifting from a reactive “if it's not broke” mindset to a proactive maintenance approach. This is where preventive and predictive maintenance come in: These complementary strategies help you take care of any growing issues before they lead to equipment failure.

Here’s a closer look at these two strategies: 

• Preventive maintenance is all about servicing equipment on a regular schedule based on time intervals or usage metrics, like performing a truck service every 500 operating hours. The goal is to catch wear and tear early by replacing parts, topping up fluids, and making adjustments before something fails. In mining, preventive maintenance might include daily and weekly inspections, routine oil changes, component replacements at fixed hours, etc., for all critical machinery. Preventive maintenance reduces downtime (since maintenance can be performed in controlled windows), extends equipment life, and maintains efficiency. 
• Predictive maintenance helps you be more proactive in your maintenance by using asset data and sensors to predict when a failure might occur. Rather than just servicing your assets on a fixed schedule, equipment is maintained based on its actual condition. In mining, predictive maintenance has become easier than ever as IoT sensors and advanced analytics have become more available. Your mining assets can be equipped with sensors that continuously monitor parameters like vibration, temperature, pressure, and electrical signals.

Preventive and predictive maintenance reduce unplanned downtime by 45%, reduce maintenance costs, and increase asset reliability. For example, in 2018, a mining operation extended maintenance intervals on processing equipment from 70 to 160-200 days, saving shutdowns and costs by using sensors and machine learning. Seven years later, with the advances in sensor technology and AI, there are even greater opportunities for cost savings.

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Condition monitoring

Condition monitoring refers to the ongoing or periodic assessment of an asset’s actual condition and performance through measurements, tests, or sensor readings. The goal is simple: catch early signs of wear, damage, or failure so maintenance can happen before things break.

In a rugged mining environment, condition monitoring can be a game-changer for avoiding major breakdowns. With tools like vibration analysis, thermal imaging, oil analysis, ultrasound inspections, and real-time sensor data from IoT devices, your team can catch early warning signs of failure before they turn into bigger problems.

For instance, a conveyor belt system might have vibration sensors on its bearings; if a bearing starts to fail, the vibration signature will change in a detectable way long before the bearing actually seizes. Maintenance personnel receiving that alert can then schedule a bearing replacement during the next planned stop, preventing an unexpected outage.

Asset lifecycle management

Asset lifecycle management involves managing assets with a long-term view—from the moment an asset is acquired through its useful operating life until its disposal or replacement. In mining, where equipment and infrastructure come with a hefty price tag, planning an asset’s full lifecycle is key to getting the most out of your investment.

Key aspects of asset lifecycle management include procurement planning, useful life estimation, depreciation and cost tracking, refurbishment/overhaul decisions, and replacement planning. Practically, this means mining companies must decide how long to keep a piece of equipment in service, when to perform major rebuilds, and when to retire or sell the asset as it reaches the end of its economic life. The goal is to optimize the total cost of ownership—balancing the initial purchase cost with maintenance expenses, operating efficiency, and the asset’s output over time.

For example, a mine must decide whether to rebuild or replace a haul truck after 10 years. Asset lifecycle management tracks maintenance costs, performance, and asset value to inform this decision. Replacing the truck may be more cost-effective due to higher productivity and lower repair costs, while rebuilding may be better if the truck can run longer with a mid-life overhaul.

Work order and maintenance management

While the above components deal with planning what work needs to be done and when, work order and maintenance management are about execution—how maintenance activities are requested, scheduled, assigned, and tracked to completion. In a mining operation, organizing maintenance work effectively is a huge task in itself, given the volume of work orders generated for routine service, inspections, repairs, and unexpected fixes across multiple sites.

In large mining operations, a CMMS is essential for managing work orders at scale. It gives your team one system to create, prioritize, and assign tasks, schedule them during planned downtime, track progress in real time, and log completion details—all in one place.

Modern, mobile-first work order systems are changing how maintenance gets done in the field. Instead of tracking down paper orders, technicians can receive instructions directly on their smartphones or tablets. Once the job’s finished, they log parts used, time spent, and any notes right into the system. This cuts paperwork, eliminates delays, and improves accuracy by removing issues like lost forms or unreadable handwriting. Real-time updates also help supervisors stay on top of job status without chasing people down.

Drive business success with effective asset management

Strong asset management is a business advantage in mining because it helps make sure that your most critical assets—the workhorses of production—are reliable, safe, and efficient.

By implementing the asset management practices outlined in this article, mining companies can turn maintenance from a reactive cost center into a proactive value driver. The payoff comes in lower operating costs, higher equipment uptime, improved safety, and better compliance. All of these contribute directly to the bottom line and the longevity of the business. These improvements translate into higher throughput (more ore produced per day) and more predictable operations, which, in a competitive global commodities market, can be a decisive advantage.

Good asset management also builds resilience. When mines have full visibility into asset health, they’re better equipped to respond to disruptions—whether that’s scaling up production, adjusting to new environmental and safety regulations, or working around supply chain delays. Data-backed insights allow for smarter capital planning, better risk management, and more informed decisions at every level.

As digital transformation accelerates across the mining industry, companies that embrace tools like mobile CMMS platforms, real-time monitoring, and advanced analytics will have the edge. These technologies give everyone, from the front line to the C-suite, a shared view of asset performance, making it easier to plan, prioritize, and continuously improve.