Mining is a highly specialized, intricate and demanding process that can yield valuable results. Understanding the key concepts about mining, as well as the heavy equipment and technology used to enable modern workflows in the industry, can help business owners entering the field for the first time - even if they have prior experience.
Let's review a few important considerations, including the mining cycle, resources needed for successful mining and the machinery and technology used in mining.
The mining cycle has five major stages, according to the Nova Scotia Department of Lands and Forestry:
In some cases, the exploration and discovery components are combined as a single stage, but the overarching structure remains the same. The mining cycle is a core operational and financial consideration for all businesses in the industry. From crushers and dozers to wheel loaders and trucks, it’s important to have the right equipment at work for each phase. Staffing the right personnel from geoscientists to skilled miners and reclamation experts is also critical to success.
It's impossible to quickly encapsulate the complete list of resources potentially needed for mining. The type of mine and raw material, location of the site, scale of the operation, presence of potential hazards and other factors all have an influence, so each mine is a unique entity in some way. However, certain considerations are common across many mining projects. Appropriate funding is necessary from environmental protections to paying staff. This high level of financial commitment means mine owners are typically more interested in strategies for generating and improving cash flow. A wide range of machinery is also required, from underground mining equipment like mining loaders to heavy-duty trucks on the surface.
Although not a physical resource, a established safety culture is vital due to the risks that are present in mines. Effective strategies for keeping the worksite safe and building an effective culture around personal safety are crucial for a healthy, productive operation.
Mining operations rely significantly on technology and machinery to do everything from creating the mine itself to reliably and safely extracting the raw material within. Whether it's gold mining equipment, tools for rock excavation or many other types of heavy machinery, they fill key roles when mining. Some common types of mining equipment include:
Mining equipment has to deal with tough conditions and long hours of operation on a regular basis. When you lease or finance heavy machinery for mining, consider an Equipment Protection Plan that allows you to have peace of mind about the level of service your mining machinery receives while keeping those costs more predictable. You should also review your company's own approach to heavy equipment maintenance, making sure regular inspections take place and a proactive attitude that can help reduce downtime is encouraged.
To learn more about how we can help your company finance mining heavy equipment, get in touch today.