Mr. Julio Castillo, Regional Principal Advisor, Asset Management, Newmont- shared insights into Newmont’s Asset Management journey- including the derived value since its implementation.
Mr. Castillo spoke on the topic- Asset Management Capability, Competence and Maturity- Lessons from Newmont Ghana
He stated that, Newmont Asset Management program has been an enabler and key differentiator to meeting production demands and shareholders expectations.
“Visible leadership, strong focus on the People: competency development and growth, and alignment with existing Management Operating System (MOS) have been some of the critical success factors in our journey” he added.
Mr. Castillo further shared the contribution of Assured Reliability Technologies Ghana Limited in supporting Newmont Asset Management with people and system development especially with Defect Elimination, Reliability Engineering and Work Management.
Mr. Castillo was speaking at a one-day workshop on asset management for industry players in Accra at the weekend. The workshop was put together by Assured Reliability Technologies, a consulting and education services firm based in Accra.
It brought together business owners and asset management leaders to discuss issues on asset management and how organizations could incorporate that into their culture.
It was on the theme: “Asset management best practices; a shared experience for all and country.”
Guest speaker of the workshop, Mr. Obiri Yeboah-Twumasi, Chief Inspector of Mines at the Minerals Commission, also called on businesses to adopt robust asset management systems and programmes to enhance their operations. He was of the view that many businesses today failed to pay particular attention to their assets, and ended up spending more money on them later.
He lauded the comprehensiveness of Newmont’s Asset Management efforts and reiterated the importance of whole life asset management by referencing the Mineral and Mining Regulation 287,288,289, 515 and 546 of LI 2182 and 2012 that obligates managers of mine to adopt Asset Management implementation
“Assets management, when implemented properly, will impact positively on the well-being of all industrial establishments, and, therefore, could help organizations and the nation to achieve their objectives,” he added.
The Managing Director of Assured Reliability Technologies, Mr. Elias Acquah, said the objective of the gathering was to bring together all those involved in the whole life management (acquisition, operation, and care) of physical assets and for professionals dedicated to furthering their knowledge and understanding of asset management
He said the time had come for asset managers to come together to increase the degree of cross-sector participation in the development and sharing of asset management good practices and application in Ghana
Touching briefly on the benefits of asset management, Mr. Acquah said it maximizes return on capital employed (ROCE), extends asset life and minimize life cycle cost.
“The gathering also offers networking opportunity and benchmarking of best practices” he added.
He further stated that Assured Reliability Technologies is facilitating the establishment of the Asset Management Professionals Association of Ghana (AMPAG) to help regulate the practice in the country