Mining companies are seriously undervaluing the level of savings they could make with effective lubrication, according to a new study conducted by Shell Lubricants, producer of Shell Gadus S2 V100 3.
Although almost two thirds of companies realize that they could cut costs by 5%or more, less than 10% are aware that the impact of lubricants could be as much as six times greater. Just in North America, this could represent potential savings of over $29.1m, which means that the amount that could be saved worldwide is astronomical.
The study found that 96% of mining companies have experienced unexpected equipment shutdowns since 2013, with over 50% admitting that this was caused by their incorrect selections or management of the lubricants they use.
The study of mining companies, which was conducted internationally, discovered that a lot of businesses do not understand that a percentage of their critical operation factors can be greatly influenced by the way they manage lubricants, with under 5% recognizing that lubrication can directly affect unplanned downtime, and 64% being unclear on the cost savings that can be made from extended oil drain intervals.
Shell’s global sector manager for mining, Renee Power, said two of out every five companies polled estimated that their incurred costs due to poor lubrication exceeded a quarter of a million dollars over the last three years.
What the study shows is that, if misconceptions about lubrication and its importance can be cleared up, mining companies could make huge savings and improve their operation procedures significantly.