Mining Equipment Investment Analysis

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the total success time, Y, for the non-replacement test when K is 5 and the termination time t* is 200 hr?

2,000 hr

3,520 hr (correct)

2,800 hr

704 hr

How is the Mean Time To Failure (MTTF) calculated based on the total success time, Y, and the number of failures, K?

MTTF = Y + K

MTTF = Y - K

MTTF = K / Y

MTTF = Y / K (correct)

What is the calculated lower limit for the MTTF?

1,200 hr

786.8 hr

334.9 hr (correct)

400 hr

Which significance level is used in calculating the confidence intervals in the examples provided?

10% Signup and view all the answers

What does the notation $eta = 10%$ signify in the context of confidence interval estimation?

The confidence level used in calculation is 90% Signup and view all the answers

What is the proposed formula used to find the confidence interval limits for MTTF?

$rac{2Y}{eta}$ and $rac{2Y}{(1 - eta)}$ Signup and view all the answers

What is the primary goal of performing a benefit-cost analysis in mining equipment investment decisions?

To determine if the benefits outweigh the investment costs Signup and view all the answers

Which formula represents the benefit-cost ratio in equipment analysis?

Rbc = UB / IC Signup and view all the answers

If the investment cost of mining equipment is $500,000 and the total user benefits over its lifespan is $900,000, what is the benefit-cost ratio?

1.80 Signup and view all the answers

What additional cost must be considered when computing the investment cost for equipment?

Operating and maintenance costs Signup and view all the answers

Which of the following methods is NOT mentioned as a useful method for making mining equipment investment decisions?

Net Present Value (NPV) method Signup and view all the answers

What is a key factor in performing new equipment feasibility analyses?

Evaluating long-term financial goals Signup and view all the answers

To enhance decision-making regarding equipment procurement, what should be analyzed alongside cost?

Efficiency of the equipment manufacturing process Signup and view all the answers

What would disqualify a piece of mining equipment from consideration for development based on benefit-cost analysis?

If user benefits are equal to the investment costs Signup and view all the answers

If the annual maintenance cost is $2,000, what is the total investment cost for the equipment over 15 years?

$530,000 Signup and view all the answers

What is the annual expected failure cost (EFC) of equipment A?

$400 Signup and view all the answers

Calculate the present value of the expected failure cost (PVEFC) for equipment B.

$3,792.7 Signup and view all the answers

What is the selling price of equipment C used in the life cycle cost calculations?

$425,000 Signup and view all the answers

Which equipment has the highest life cycle cost (LCC) among A, B, and C?

Equipment C Signup and view all the answers

What is the present value of the expected operating cost (PVEOC) for equipment A?

$42,141.5 Signup and view all the answers

How is the annual expected failure cost (EFC) calculated?

Annual failure rate × Cost of a failure Signup and view all the answers

What is the total life cycle cost (LCC) of equipment B?

$409,981.4 Signup and view all the answers

What is the interest rate used in the present value calculations?

0.07 Signup and view all the answers

Which step is NOT part of the life cycle costing process?

Calculate depreciation Signup and view all the answers

What is the primary benefit of using PE technology in mining operations?

More precise, efficient, and safer operations Signup and view all the answers

Which of the following statements best describes automation in mining?

Automation is a broader concept that can include various technologies. Signup and view all the answers

What aspect sets PE technology apart from other forms of automation?

Its role in providing precise control and monitoring. Signup and view all the answers

Which of the following is an example of mechanized pneumatic drilling?

Development drill rig Signup and view all the answers

What is the expected outcome of implementing automation in mining, in terms of human intervention?

Reduced human intervention in various tasks Signup and view all the answers

What has replaced periodic manual sampling in environmental monitoring?

Continuous monitoring with wireless sensors Signup and view all the answers

How has ore extraction and processing changed with technological advancements?

From manual sorting to precision drilling guided by 3D models Signup and view all the answers

Which of the following best describes what can be automated in mining?

Tasks that can be expressed as algorithms or computational processes Signup and view all the answers

What was a limitation of training methods in the past compared to modern techniques?

Limited safety monitoring vs. real-time personnel tracking Signup and view all the answers

What is one characteristic of programmable electronics in comparison to automation?

It focuses on specific programmable electronic devices. Signup and view all the answers

Which of the following statements about the integration of digital technologies in mining is accurate?

It has transformed operations to be more productive and environmentally friendly. Signup and view all the answers

Which aspect of mining cannot be automated according to the content?

Human thought and functions of complex adaptive systems Signup and view all the answers

What is a benefit of using virtual and augmented reality for training in mining?

Improved safety monitoring Signup and view all the answers

Which of the following describes a change in safety and training methods in mining?

Adoption of real-time tracking technology Signup and view all the answers

What is automation's role in the future of mining?

To enhance productivity and operational efficiency Signup and view all the answers

Study Notes

Mining Equipment Testing

Testing is important for engineering product development
Highlights product weaknesses, behavior, and failure modes
Reliability testing is key for obtaining failure information and consequences
Effective reliability test programs minimize testing while maximizing failure data

Reliability Test Classifications

Three categories based on objectives:
- Reliability development and demonstration testing: identifies design changes and improvements, verifies design reliability.
- Qualification and acceptance testing: determines if items should be accepted/rejected, ensures design meets objectives.
- Operational testing: verifies reliability analyses during design/development, provides data for operational policies/procedures.

Success Testing

Ensures a specified reliability level at a given confidence level.
Used when a zero-failure test is required.
Formula for reliability level (RL): RL = α(1/m) where α is consumer risk and m is total items tested

Accelerated Life Testing (ALT)

Reduces test duration by changing parameters.
Methods include: sudden-death testing, increasing sample size, and increasing test severity.

Accelerated Life Testing - Time Compression

Testing is done more intensely than actual usage.
Example: testing a blender at 20 times a day, 365 days a year for a 5-year product design life.

Accelerated Life Testing - Increasing Sample Size

Increases sample size when wear-out isn't predicted within anticipated lifespan.
Increase in sample size decreases test time, inversely proportional.

Accelerated Life Testing - Increasing Test Severity

Increases stress on the test unit, example includes varied voltage, heat, and temperature cycles for an engine.

Confidence Interval Estimates

In reliability studies, times to item failure are assumed to be exponentially distributed, with a constant failure rate.
MTTF is the inverse of the failure rate.
It is useful to provide a range of values for MTTF rather than a single point estimate.

Confidence Interval Estimates - Examples

Calculation of MTTF at different temperatures.

Announcement

Representatives from KGHM will visit Laurentian University on Wednesday, October 30th at 1:00 pm in F-228.
Pizza will be served.

Reliability of Mining Equipment Costing - I

Over the years, mining equipment costs have increased significantly.
Cost estimation is crucial for effective decisions.
Key cost components are design, materials, manufacturing, testing, operation, and maintenance.

Mining Equipment Investment Decisions

Benefit/Cost analysis: determining if equipment benefits outweigh costs.
Return on Investment (ROI): calculating the profitability of an investment, or comparing investments.
Payback period: the time needed to recoup capital expenditures.

Cost Estimation Models for Mining Equipment

Mathematical models are used to estimate equipment costs.
- Cost-capacity model is useful for similar equipment with different capacities.
- Corrective maintenance cost considers the mean time to fail and repair.
- Total maintenance labor cost includes labor rate, and hours needed.
- Production facility downtime considers cost of lost product, lost revenue, idle personnel salary, and late penalties.

Life Cycle Costing Concept

Life cycle cost is the total cost over an item's lifespan (including purchase, operating, maintenance, and disposal costs).
Life cycle costing is widely used to compare options efficiently.

Life Cycle Cost Estimation Model

Research and development, production, operations, and disposal costs are included in the LCC model.

Robot Sensors

Robots need sensors to perceive their surroundings and make decisions.
Types include contact sensors (force, touch) and non-contact sensors (temperature, light, sound, chemical).

Robot Programming

Two main programming methods:
- Online (manual teaching, lead-through teaching).
- Offline (programming languages).

Future of Robotics in Mining

Automation can improve safety and productivity.
Replacement of workers may reduce workplace safety issues.
Long-term sustainability is considered.

Automated Guided Vehicles (AGVs)

AGVs are autonomous or semi-autonomous
Use sensors and machine learning to navigate.

Artificial Intelligence (AI)

AI is the capability of machines to perform tasks typically done by humans.
Key components include machine learning, deep learning, and natural language processing.
AI in the mining industry may be used for navigation of autonomous vehicles, equipment analysis, safety issues or equipment failure prediction, and remote control systems.

Hierarchical Structure of a Robot Control System

Hierarchical control systems involve three layers of control: Planning, Executive, and Behavioral.
Each layer has specific responsibilities.

Kinematics of Robots

Kinematics is the study of relationships between robots' joint coordinates and spatial arrangement.
Two main kinematics processes: forward and inverse kinematics.
Forward kinematics: Determines the end-effector's position with known joint angles.
Inverse kinematics: Finds the appropriate joint angles to achieve a desired end-effector position.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

This quiz focuses on various calculations related to the evaluation of mining equipment investments. Topics include success time calculations, Mean Time To Failure (MTTF), confidence intervals, and benefit-cost analysis. Test your understanding of key formulas and concepts in mining equipment decision-making.