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The Industrial Internet, and How It’s Revolutionizing Mining

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How the Industrial Internet is Revolutionizing the Mining Industry

The Industrial Internet and How It Is Revolutionizing Mining

Today’s infographic was done in conjunction with GE Digital

The Industrial Internet is the convergence of the global industrial sector with big data and the internet of things.

Big Data: New insight to make decisions in real-time is made possible by combining the ability to process and make sense of large amounts of data with a universally standard industrial platform.

Internet of Things: By 2020, 50 billion devices will be connected to the web. Many of these will be sensors, which can now be produced at a lower cost, creating new levels of network connectivity between machines and people.

The result of this convergence will be up to a $15 trillion increase in global GDP over the next 20 years stemming from smarter decisions, optimized performance, higher productivity, and substantial savings in fuel and energy.

How the Industrial Internet works

The Industrial Internet encompasses vast amounts of the complex physical machinery and processes that make our world work. It costs trillions of dollars each year to run these intensive systems. That’s why improving efficiency by just 1% can create millions in cost savings.

For example: the combined operating expenditures for the Top 40 miners in 2014 were $531 billion. 1% of that is $5.3 billion in potential savings.

Examples of the Industrial Internet in motion:

  • Predictive analytics warn airline operators of potential engine failures before they occur, saving millions by avoiding downtime and flight delays
  • Driverless haul trucks will soon be the new norm for miners around the world. These robots are more efficient, and are controlled remotely from hundreds of miles away.
  • Drivers and engineers can get real-time reporting on a train as it is in transit. Analytics calculate engine temperature, fuel efficiency, speed, weight, and vibration patterns. The location is tracked to optimize the efficiency of the entire system.
  • By consolidating all the mill asset and process information in a common platform, a mining production manager can see the whole picture. As a result, she knows where the team needs to focus to maximize throughput, recoveries, and quality.

When Hardware Meets Software

The revolution in data analytics and connectivity is changing how people work with heavy-duty machines around the globe, and mining is no exception.

Major mining companies have all started to incorporate big data into operations through the industrial cloud. This allows them to avoid unplanned downtime, to act in the best interest of shareholders by converting insights into outcomes, and to use the best available technology.

Using predictive analytics and process optimization, the industrial internet can save miners millions of dollars each year.

Here are just some examples of the minimum potential savings from a given asset per year using predictive analytics:

  • Crusher: $119,000
  • Pump: $62,000
  • Mill: $312,000
  • Haul truck: $62,000

Here are just some examples of the minimum potential savings gained per year by optimizing entire processes:

  • Flotation: $1.6 million
  • Grinding: $0.7 million
  • Surge: $0.2 million
  • 50 PID Loops: $1.5 million

Case Study

The senior metallurgist of a platinum mining company had a problem: the milling circuits were processing more and more waste material together with ore from the main reefs, causing significant operational issues. Even though the different sources were blended, the characteristics of the ore being fed to the mill changed dramatically, often in the space of minutes. This led to extreme variability in the circuit.

The Challenge: The company believed that it was losing potential revenue as a result of sub-optimal throughput and efficiency in the milling circuits.

The Action: Implemented GE’s Mine Performance solution for process optimization on one of the milling circuits, to stabilize the circuit and optimize throughput.

The Results:

  • Increased average throughput by more than 5.5%
  • Decreased power consumption per ton of material fed by almost 2%
  • Decreased density variation of the cyclone feed

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Mining

More Than a Precious Metal: How Platinum Improves Our World

Platinum is more than just a precious metal. Its unique properties make it a critical material in manufacturing, healthcare, and green technologies.

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How Platinum Improves Our World

Within the hierarchy of precious metals, there is only one metal that could arguably stand above gold, and that is platinum.

This is due in large part to the metal’s rarity throughout history. Its earliest known use was on the Casket of Thebes in Ancient Egypt. South American Indigenous populations also used platinum for jewelry.

But platinum’s value goes beyond being a precious metal—its specific properties have made it indispensable to the modern economy, improving both the health and the wealth of the world.

Platinum’s Industrial Applications

Today’s infographic comes to us from the World Platinum Investment Council and outlines specifically how specific platinum’s properties are used in the modern economy.

There are four primary uses of platinum aside from investment demand.

  1. Manufacturing
  2. Healthcare
  3. Environmental
  4. Renewable Power

Let’s look into all of these cases a little deeper.

1. Manufacturing

Platinum’s versatility in manufacturing has quadrupled its demand since 1980. Its catalytic properties are critical to the production of fertilizers, and more specifically, platinum’s efficiency in converting ammonia to nitric acid paved the way for large-scale fertilizer production.

Around 90% of the nitrogen produced using platinum catalysts is used to make 190 million tonnes of fertilizers each year.

2. Healthcare

Platinum is a biologically compatible metal because it is both non-toxic and stable. It does not react negatively with or affect body tissues, which makes it an ideal material for medical tools. Platinum’s use in medicine dates back to 1874 for its use in arthroscopic tools. Its stability also makes it ideal for pacemakers and hearing assist devices today.

While non-threatening to healthy cells, platinum compounds known as cisplatin can damage cancer cells and treat testicular, ovarian, lung, bladder, and other cancers. Given these crucial applications, the World Health Organization has put cisplatin on its List of Essential Medicines.

3. Environmental

Platinum is a critical material in the fight for cleaner air and in the construction of energy-efficient fiberglass. It is used in catalytic converters in exhaust systems of gas-powered vehicles, reducing the emission of harmful pollutants. In addition, platinum is used in the manufacturing process of high-end glass that improves the heating and cooling efficiency of homes and offices.

4. Renewable Power

Platinum’s catalytic properties make it critical to cleaning up air pollution, producing renewable hydrogen, and unleashing its power in fuel cells. Electrolysis, which can turn water into hydrogen and oxygen, works best when passing an electric current through platinum electrodes.

Fuel cells are set to power a new generation of emission-free vehicles, and platinum membranes are used inside of them as well.

More Than Precious

More than a precious metal, platinum has many applications that make it a critical material for the modern economy in years to come.

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Currency

Why Gold is Money: A Periodic Perspective

Gold has been used as money for millennia. People often attribute this to beauty, but there are basic physical properties for why gold is money.

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Why Gold is Money

The economist John Maynard Keynes famously called gold a “barbarous relic”, suggesting that its usefulness as money is an artifact of the past. In an era filled with cashless transactions and hundreds of cryptocurrencies, this statement seems truer today than in Keynes’ time.

However, gold also possesses elemental properties that has made it an ideal metal for money throughout history.

Sanat Kumar, a chemical engineer from Columbia University, broke down the periodic table to show why gold has been used as a monetary metal for thousands of years.

The Periodic Table

The periodic table organizes 118 elements in rows by increasing atomic number (periods) and columns (groups) with similar electron configurations.

Just as in today’s animation, let’s apply the process of elimination to the periodic table to see why gold is money:

  • Gases and Liquids
    Noble gases (such as argon and helium), as well as elements such as hydrogen, nitrogen, oxygen, fluorine and chlorine are gaseous at room temperature and standard pressure. Meanwhile, mercury and bromine are liquids. As a form of money, these are implausible and impractical.
  • Lanthanides and Actinides
    Next, lanthanides and actinides are both generally elements that can decay and become radioactive. If you were to carry these around in your pocket they could irradiate or poison you.
  • Alkali and Alkaline-Earth Metals
    Alkali and alkaline earth metals are located on the left-hand side of the periodic table, and are highly reactive at standard pressure and room temperature. Some can even burst into flames.
  • Transition, Post Transition Metals, and Metalloids
    There are about 30 elements that are solid, nonflammable, and nontoxic. For an element to be used as money it needs to be rare, but not too rare. Nickel and copper, for example, are found throughout the Earth’s crust in relative abundance.
  • Super Rare and Synthetic Elements
    Osmium only exists in the Earth’s crust from meteorites. Meanwhile, synthetic elements such as rutherfordium and nihonium must be created in a laboratory.

Once the above elements are eliminated, there are only five precious metals left: platinum, palladium, rhodium, silver and gold. People have used silver as money, but it tarnishes over time. Rhodium and palladium are more recent discoveries, with limited historical uses.

Platinum and gold are the remaining elements. Platinum’s extremely high melting point would require a furnace of the Gods to melt back in ancient times, making it impractical. This leaves us with gold. It melts at a lower temperature and is malleable, making it easy to work with.

Gold as Money

Gold does not dissipate into the atmosphere, it does not burst into flames, and it does not poison or irradiate the holder. It is rare enough to make it difficult to overproduce and malleable to mint into coins, bars, and bricks. Civilizations have consistently used gold as a material of value.

Perhaps modern societies would be well-served by looking at the properties of gold, to see why it has served as money for millennia, especially when someone’s wealth could disappear in a click.

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