Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Meridium®, Inc. (www.meridium.com), the global leader in asset performance management (APM) software and services, today announced that mining solutions leader Joy Global will implement Meridium’s APM software across its global Life Cycle Management (LCM) business units for both surface and underground mining equipment. Joy Global will use the Meridium tools to predict and prevent asset failures and enhance maintenance strategies, increasing equipment uptime and improving service contract performance.
“Having already realized the benefits from an earlier Meridium implementation for Joy Global Surface Mining, we are confident in Meridium’s ability to deliver outstanding value to both the Surface and Underground sides of the business,” said Matt Beaudry, Program Manager Life Cycle Management at Joy Global. “Through our partnership with Meridium, we will be able to better integrate prognostics with our maintenance strategies and optimize equipment performance for our customers.”
The leading supplier of advanced equipment, systems, and direct services for the global mining industry, Joy Global delivers products and related services used extensively for the mining of coal, copper, iron ore, oil sands, gold and other mineral resources. With Meridium, Joy Global is better able to monitor its equipment and keep it running at peak efficiency. Additionally, Joy Global can make data-driven decisions to improve its product development that result in fewer equipment failures.
“No one knows Joy Global’s equipment better than Joy Global, and Meridium’s software and supporting processes can help them better organize and manage critical asset data to predict and prevent equipment failures, a true win-win for Joy Global and its customers,” said Bonz Hart, Meridium CEO. “We are pleased to help Joy Global implement the technology to help achieve their long-term global operational goals.”
To support Joy Global’s initiative of establishing its predictive Smart Services platform in each of its operating regions, the company will implement the best practices and software of Meridium APM Foundation, Asset Strategy, and Failure Elimination.
Meridium APM Foundation includes the framework for a living asset-management strategy, including the use of existing data and structures from other systems, such as SAP®, and provides the value of integrated performance data in the right context to identify and focus improvement efforts. Meridium Asset Strategy improves asset strategies and management using a risk-based approach, and offers a common methodology to define actions and their mitigated risks to drive the evaluation of existing plans with basic risk analysis. Meridium Failure Elimination profiles the causes and costs of failure for the development of strategies to prevent future failures.
About Meridium
Meridium is the global leader in asset performance management (APM) software and services for asset-intensive industries. Meridium provides insights into industrial assets for mitigating risk and improving operational excellence. Founded in 1993 and headquartered in Roanoke, Virginia (USA), Meridium pioneered the vision, software and technology behind APM. Today Meridium serves market-leading companies with more than 1,000 licensed sites around the globe.
About Joy Global Inc.
Joy Global Inc. is a worldwide leader in high-productivity mining solutions. Through its market-leading P&H and Joy brands, Joy Global manufactures, sells, and services original equipment and related parts for the surface and underground mining industries. Joy Global’s products and related services are used extensively for the mining of coal, copper, iron ore, oil sands, gold and other mineral resources. For more information, visit www.joyglobal.com.
