Asset Life Extension as a Carbon Footprint Reduction Strategy

Intelligent and sustainable asset life extension is gaining popularity within the mining and metallurgical industry. Implementing such a strategy allows assets to fulfill their functions under known conditions and achieve a longer lifespan than originally foreseen. Decisions taken to extend an asset’s life are usually based on technical and economic data. The associated analysis must demonstrate that the asset is safe and reliable in order to keep it in service beyond its expected life. Extending an asset’s life, while balancing the risks involved, minimizes its carbon footprint by amortizing the greenhouse gases (GHGs) emitted during its production over a longer period.

To do so, it is in the interest of companies to implement response plans that incorporate equipment and infrastructure failure mechanisms, degradation and life cycle models, along with the data required to continuously assess the health and climate performance of the asset.

For example, the engineering firm Norda Stelo experts in integrity and reliability, have been partnering with a metallurgical processing plant with regards to the intelligent management of its critical assets for more than 10 years, which has resulted in an average 20% increase in asset life (Figure 1). This gain in longevity allows the company to space out the replacement of equipment and thus avoid the GHG emissions associated with the manufacturing and installation of new equipment. The approach taken includes maintenance, inspection or condition monitoring activities, refurbishment and any external elements that could affect the costs of a life extension. Ultimately, this will result in a 37% avoidance of the GHG emissions associated with the replacement of the plant's assets being avoided over a 60-year period (Figure 2). According to Norda Stelo's experts, the full replacement of about 20 pieces of equipment can produce more than 1,100 tons of CO2 equivalent. This estimate includes emissions related to the production of raw materials, transportation, manufacturing, and installation of the equipment. It is therefore obvious that restoring an asset should be considered as an effective strategy to minimize the carbon footprint.

In an effort to intelligently extend the life of assets, it is imperative to collect, centralize and structure relevant quantitative and qualitative data to further increase their value. A data management and strategic planning platform such as Stelar allows an accurate and continuous calculation of the health status, climate performance and end of life of the asset. Assisted in this way, companies will be able to make quick, efficient, and well-documented decisions. They will provide a convincing solution for ESG audits, financing requests and carbon credit applications.