Balancing Uptime and Working Capital: Maintenance and Inventory Strategies in Mining December 4, 2014
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1 Balancing Uptime and Working Capital: Maintenance and nventory Strategies in Mining December 4, 2014
2 Session Agenda ntroduction Overview of Maintenance Strategies in Mining Overview of nventory Management Strategies Balancing Uptime and Working Capital Questions & Discussion 2
3 Falling prices led to a focus on cost reduction... in order to offset squeezed margins. Miners are having to contend with rising costs in every facet of the business, from the energy and materials they use to build and maintain mines, to the people and equipment needed to work them and the U.S. dollars to pay for them. Cost issues do not discriminate by the metal produced or the size of the miner. now productivity and working capital are targets to help improve performance. 3
4 Productivity and working capital are driven by the integration of Supply Chain, Maintenance and Operations Operations needs to release equipment to Maintenance when scheduled. Equipment Utilization Supply Chain Maintenance needs to perform repairs as planned and scheduled for equipment reliability and respond quickly to breakdowns. Equipment Availability High Performance Supply Chain needs to provide the right parts when needed in the right place at the right time while managing working capital requirements. nventory On-hand Operations Maintenance 4
5 The questions being asked include Key Question How can we configure our activities to maximise uptime, while minimizing the use of working capital? 1 How can we minimize maintenance and still ensure equipment reliability, availability and manage costs? 2 How can we secure access to the right spare parts and consumables when they are needed, where they are needed? 3 How can we contain inventory and maintain optimized stock levels? 5
6 Balancing Uptime and Working Capital Overview of Maintenance Strategies in Mining 6
7 Maintenance has far reaching impacts Maintenance impact Efficient production Utilization Effective Strategies Availability Cost of asset ownership $$$ Maintaining plant, fleet, facility and equipment represents a major portion of mining operating costs, typically from 30 to 50%. Break Downs and Un-Planned maintenance is 3x to 5x more expensive than planned maintenance, this does NOT include the cost of process interruption, production efficiency or scrap - resulting in lost revenue. Many mining operations run at less than 70% operating efficiency because of breakdowns, idling production and other operational issues. 7
8 t s all about efficient execution Maintenance Plan Production Plan Financial Plan Maintenance Work Management dentify work Plan Work Schedule Work Break Down Analyze Work Close out Work Execute Work 8
9 and effective tactical strategies n the past, Asset Management was tactically focused Most recent shift has been to a more Strategic and Management Systems focus First Generation Fix it when it breaks Second Generation Higher plant availability Longer equipment life Lower costs Third Generation Higher plant reliability and availability Maintainability Greater safety No damage to the environment Even longer equipment life Greater costeffectiveness Lower risk Fourth Generation Strategic Holistic Management systems PAS55, 2004 (revised 2008) S5500x, 2014 ntegrated with operations Governing organisational objectives considerations Tactical focus Strategic focus 9
10 Effectiveness and Efficiency in Execution Asset Effectiveness Reliability-based right task at the right time Asset Efficiency Wrench time: Lean and optimised execution of maintenance tasks Asset Management Strategy Maintenance Program Work Execution Performance Measurement Asset standardisation Asset investment planning Accurate asset database and hierarchy Technical content Asset condition Asset performance Asset criticality ranking Reliability-based Reliability-centred maintenance on critical assets Preventative maintenance optimisation or Maintenance task analysis on less critical assets People and skills Processes and structure Permitting and work clearance management Systems and data Business intelligence and reporting EAM balanced scorecard Dashboards and drilldown Push reporting Role-based metrics 10
11 Example: mpact of Maintenance Some key affects of reactive maintenance: nappropriate skills or contractors used Other planned scheduled work is disrupted Downtime searching for required parts Expedite costs for required parts not available nformal and intuitive work procedure Rushed or unclear verbal instructions Rough sketches rather than standard drawings Ad hoc safety / risk issue coverage Overtime costs and worker fatigue Repeat repairs and job quality issues ncomplete records for analysis Opportunity Current State Maintenance Spend of $56.7 m Planned Unplanned 45% 55% $20.o m $36.7 m mproved Ratio Maintenance Spend of $51.1 m Planned Unplanned 70% 30% $31.1 m $20.0 m mproved Ratio Maintenance Spend of $48.8 m Planned Unplanned 80% 20% $35.5 m $13.3 m 14% reduction in Maintenance spend Equivalent to ~$8m in Opex 11
12 Examples of different tactical approaches and results Comparison of different approaches with the breakdowns of reason 000 man-hours Breakdowns (BD) Preventive Maintenance (PM) Condition based maintenance (CBM) Corrective work, repairs and adjustments BD activities PM activities 29 4 ~x2 less 9700 BD activities ~x9 less PM Tactics Cancelling PMs Expected more BDs BD Maintenance Tactics CBM Activities Corrective work from CBM Reduction of BD from CBM Condition Based Maintenance Tactics Here we compare on a 1/1/1 ratio the different tactical approaches in Maintenance. Be advised that in most cases the right mix of tactical approaches is the most successful, the mix is based on operating context in each case and should be derived from a comprehensive analyses of the maintenance program by knowledgeable maintenance professionals.
13 t may not be intuitive but less is more! Less is actually more with an improved tactical approach to maintenance focused on Condition Based Monitoring. Less Maintenance activities ncreased Reliability ncreased Availability ncreased Productivity Only focused on maintenance where needed based on actual condition With increased focus on condition measurements reliability increases Only intervening when needed based on condition increases availability to equipment With increased availabilities of equipment comes increased productivity 13
14 Balancing Uptime and Working Capital Overview of nventory Management Strategies 14
15 Time to Fix mproving availability, through preventive or break down maintenance, is a direct correlation of Time to Fix and its key lever: availability of spares Overhaul (shut down) Preventive Maintenance Routine service Asset availability Uptime Break Down Maintenance Diagnostic Provide parts for rectification Repair fault Spare Parts nventory Test for successful operational state As maintaining inventory for all spares would require an impossible mobilization of working capital, how can we define a sound stocking strategy? 15
16 Without stocking all spares, inventory strategies require a balanced approach between performance, risk and costs When focusing mostly on performance, organizations tend to overstock all materials. Focusing on risk usually over-estimates criticality of materials, impacting associated stock levels. Finally, a cost based approach, reducing all stock levels, puts uptime at risk. Few organizations focus on all three areas of Performance / Risk / Expenditure in a balanced fashion, and excess MRO inventory is usually the result. Performance Risk Costs A key driver is who has responsibility for inventory levels: Under Finance, Under Maintenance, or Under an independent Supply Chain. 16
17 Sound inventory strategies can only be developed with input from all stakeholders: Plan Maintenance management Failure management Criticality Reserved stock parts: Maintenance schedules Estimated number of parts to be replaced during maintenance Costs related to holding the inventory Replenishment rules Physical management of inventory: Number and location of warehouses Physical management of warehouses Accuracy of inventory records Time and costs required to get the material to the mine site Spare Parts nventory Management Safety stock parts: Criticality of failure effects Likelihood of failure effects Costs related to holding the inventory Which parts to hold in stock and how much Procurement input: Time required to get the spare part Costs related to getting the spare part Reliability of the suppliers Warranties Stock Warehouse management Procurement Lead Time 17
18 Our recommended approach to a sound inventory strategy is sequential and involves Operations, Maintenance and Supply Chain Our suggested high level approach involves Maintenance (steps 1-3), Material Management (steps 4 to 8) and Procurement (step 5) Map equipment and assess criticality dentify BOM Define criticality at the material level, and assign service level Develop Material ABC classification (price & velocity) Cross reference Criticality, Service Level and ABC Engage vendors on lead time and VM Define stocking strategy Define inventory levels Maintenance Material Mgmt Procurement Material Mgmt 18
19 The absence of clear inventory strategy, frequently revised, leads to abnormal stock levels and un-required working capital mobilization The key questions for effective inventory : What is the level of parts availability e.g. are stock outs experienced? How accurate is the data e.g. physical stock in warehouse vs system information? Are ABC classifications being used? Per moving type Per criticality Per cost s stock allocated with respect to these ABC classifications? What is the zero-stock policy? When was the stock last reviewed for obsolescence? Are cataloguing tools used and if so, are they shared throughout the organization? 19
20 Balancing Uptime and Working Capital The right amount of stock for the right spares 20
21 An inventory optimization exercise is always a balanced approach between production, cost and financial return The objective should be to improve the overall service level delivered by Supply Chain and Maintenance to Operations, while reducing the amount of working capital mobilized. Foundational elements include: Review materials criticality Reliability-centred maintenance on critical assets Condition-based monitoring Analysis historical demand and supply Revisit lead time with vendors Define revised stock levels Cost Operational Expenditures Production Service Level nventory Financial Return Capital Employed 21
22 nventory Value The start of an inventory optimization is identifying current supply chain service level vs. expectation n this example, is representing current inventory positions, the supply chain obviously maintains too much stock, without any addition to the required service level. nventory positions could be reduced to A and still meet expectations of maintenance! N S C A Service Level 22
23 With confirmed expected service levels, the inventory optimization exercise will create the foundation of a solid strategy, and can target 15 to 30% inventory value reduction Revising inventory positions ( ) and defining new stock ( A ) aligned with expected service level (some increases for critical/long lead time materials, more reductions on others), the new target stock provides immediate release of working capital ( and ). Further improvements to the supply chain (new procurement or stocking strategies) can create a step forward to greater releases B, while improving service levels. Baseline $XXM Quick Wins $YYM Same SCM $ZZM Revised SCM strategy A B 23
24 Performance lies with the integration of Supply Chain and Maintenance with Operations ntegration starts with Operations releasing equipment to Maintenance on time, and Maintenance performing as scheduled, with available Materials as scheduled. The first step to performance management is through acceptance of joint responsibility, supported by mutual commitments which can be documented with service level agreements Absence of SLAs often result in: Supply Chain Equipment abuse Delayed maintenance Cancelled work orders Returned materials Rush orders Excess stock and obsolete materials Performance Management Framework Measure KPs Dashboard Visual ndividual Enable Planning Reliability EAM System Operation SLAs Maintenance Planning activities Sharing information Committing to results 24
25 Questions & Discussion Contact Bjarni sleifsson Office: +1 (416) Louis Enaux Office: +1 (416) ext Thank you This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisers PricewaterhouseCoopers LLP, an Ontario limited liability partnership. All rights reserved. refers to the Canadian firm, and may sometimes refer to the network. Each member firm is a separate legal entity. Please see for further details.
www.pwc.com Balancing Uptime and Working Capital: Maintenance and Inventory Strategies in Mining
www.pwc.com Balancing Uptime and Working Capital: Maintenance and nventory Strategies in Mining Session Agenda ntroduction Overview of Maintenance Strategies in Mining Overview nventory Management Strategies
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