Framework for Assessing Economic, Environmental and Social Value of Monitoring Systems: Case Water Balance Management in Mining Sector

Minna Räikkönen; Teuvo Uusitalo; Riitta Molarius; Helena Kortelainen; Claudia Di Noi

doi:10.1007/978-3-030-64228-0_19

Framework for Assessing Economic, Environmental and Social Value of Monitoring Systems: Case Water Balance Management in Mining Sector

Minna Räikkönen (Corresponding author), Teuvo Uusitalo, Riitta Molarius, Helena Kortelainen, Claudia Di Noi

GreenDelta GmbH

Research output: Chapter in Book/Report/Conference proceeding › Conference article in proceedings › Scientific › peer-review

Abstract

Mining industry is highly dependent on the state of its assets, and it
is also a significant water user and producer of wastewater. Thus, the management of water-related assets and operations is a critical business issue and has an effect both on the growth and profitability in mining companies. Moreover, digitalization influences asset management processes, and implementation of novel IIoT technologies for water balance management are vital for sustainable mining business. However, investments in water-related IIoT technologies must be carefully planned and evaluated to deliver immediate and long-term benefits, to enhance the asset utilization, and to reduce the environmental risk. This research presents an asset management framework and related tool: Framework for assessing Economic, Environmental and Social Value of Monitoring System (FEES). FEES defines the customer value of the water balance system and supports the economic, environmental and social impact and risk assessment in mining sector, and demonstrates the costs and risks as well as the benefits achieved by a potential customer. The paper contributes to the asset management research field by providing a multidimensional approach to assess water-related investments in mining industry. From a long-term perspective, applying a multidimensional approach to the assessment generates several benefits, including advancing the ability to communicate the value of water-related investments to business ecosystem, local societies, people, investors and other stakeholders as well as to support the goal of sustainable growth. The proposed model provides practitioners with the opportunity to adopt a proactive approach to assess water balance system’s value.

Original language	English
Title of host publication	14th WCEAM Proceedings
Editors	Adolfo Crespo Márquez, Dragan Komljenovic, Joe Amadi-Echendu
Place of Publication	Cham, Switzerland
Publisher	Springer
Pages	214-226
Number of pages	13
ISBN (Electronic)	978-3-030-64228-0
ISBN (Print)	978-3-030-64227-3
DOIs	https://doi.org/10.1007/978-3-030-64228-0_19
Publication status	Published - 2021
MoE publication type	A4 Article in a conference publication
Event	14th World Congress on Engineering Asset Management, WCEAM 2019 - Singapore, Singapore Duration: 28 Jul 2019 → 31 Jul 2019

Publication series

Series	Lecture Notes in Mechanical Engineering
ISSN	2195-4356

Conference

Conference	14th World Congress on Engineering Asset Management, WCEAM 2019
Country/Territory	Singapore
City	Singapore
Period	28/07/19 → 31/07/19

Keywords

impact
assessment
value
risk
water balance management system
mining
asset management

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

Access to Document

10.1007/978-3-030-64228-0_19

Cite this

Räikkönen, M., Uusitalo, T., Molarius, R., Kortelainen, H., & Di Noi, C. (2021). Framework for Assessing Economic, Environmental and Social Value of Monitoring Systems: Case Water Balance Management in Mining Sector. In A. Crespo Márquez, D. Komljenovic, & J. Amadi-Echendu (Eds.), 14th WCEAM Proceedings (pp. 214-226). Springer. https://doi.org/10.1007/978-3-030-64228-0_19

Räikkönen, Minna ; Uusitalo, Teuvo ; Molarius, Riitta et al. / Framework for Assessing Economic, Environmental and Social Value of Monitoring Systems : Case Water Balance Management in Mining Sector. 14th WCEAM Proceedings. editor / Adolfo Crespo Márquez ; Dragan Komljenovic ; Joe Amadi-Echendu. Cham, Switzerland : Springer, 2021. pp. 214-226 (Lecture Notes in Mechanical Engineering).

@inproceedings{67e4f22985c9482bb5b081e987da2e50,

title = "Framework for Assessing Economic, Environmental and Social Value of Monitoring Systems: Case Water Balance Management in Mining Sector",

abstract = "Mining industry is highly dependent on the state of its assets, and itis also a significant water user and producer of wastewater. Thus, the management of water-related assets and operations is a critical business issue and has an effect both on the growth and profitability in mining companies. Moreover, digitalization influences asset management processes, and implementation of novel IIoT technologies for water balance management are vital for sustainable mining business. However, investments in water-related IIoT technologies must be carefully planned and evaluated to deliver immediate and long-term benefits, to enhance the asset utilization, and to reduce the environmental risk. This research presents an asset management framework and related tool: Framework for assessing Economic, Environmental and Social Value of Monitoring System (FEES). FEES defines the customer value of the water balance system and supports the economic, environmental and social impact and risk assessment in mining sector, and demonstrates the costs and risks as well as the benefits achieved by a potential customer. The paper contributes to the asset management research field by providing a multidimensional approach to assess water-related investments in mining industry. From a long-term perspective, applying a multidimensional approach to the assessment generates several benefits, including advancing the ability to communicate the value of water-related investments to business ecosystem, local societies, people, investors and other stakeholders as well as to support the goal of sustainable growth. The proposed model provides practitioners with the opportunity to adopt a proactive approach to assess water balance system{\textquoteright}s value.",

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author = "Minna R{\"a}ikk{\"o}nen and Teuvo Uusitalo and Riitta Molarius and Helena Kortelainen and {Di Noi}, Claudia",

note = "Funding Information: Acknowledgements. This activity has received funding from European Institute of Innovation and Technology (EIT), a body of the European Union, under the Horizon 2020, the EU Framework Programme for Research and Innovation. The authors want to give their sincere thanks especially to Susanna Horn, Sonja Kuokkanen and Eija Saari from Outotec. The authors also wish to express their gratitude to all people who contributed to the research in the EIT SERENE project. Funding Information: The research was inspired by {\textquoteleft}Dynamic predictive solution for sustainable water balance management in mining (SERENE){\textquoteright} project, funded by the European Institute of Innovation and Technology (EIT). The project responds to the growing need to improve water balance management in the mining sector. The SERENE project developed a new IIoT-based water management system that helps the mining industry monitor the entire mine site{\textquoteright}s water balance in real-time. The system also provides the industry with the possibility to create short-term forecasts for the site{\textquoteright}s water volumes and water quality in different production and environmental conditions. Funding Information: This activity has received funding from European Institute of Innovation and Technology (EIT), a body of the European Union, under the Horizon 2020, the EU Framework Programme for Research and Innovation. The authors want to give their sincere thanks especially to Susanna Horn, Sonja Kuokkanen and Eija Saari from Outotec. The authors also wish to express their gratitude to all people who contributed to the research in the EIT SERENE project. Publisher Copyright: {\textcopyright} 2021, The Author(s), under exclusive license to Springer Nature Switzerland AG.; 14th World Congress on Engineering Asset Management, WCEAM 2019 ; Conference date: 28-07-2019 Through 31-07-2019",

year = "2021",

doi = "10.1007/978-3-030-64228-0_19",

language = "English",

isbn = "978-3-030-64227-3",

series = "Lecture Notes in Mechanical Engineering",

publisher = "Springer",

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editor = "{Crespo M{\'a}rquez}, Adolfo and Dragan Komljenovic and Joe Amadi-Echendu",

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Räikkönen, M , Uusitalo, T, Molarius, R, Kortelainen, H & Di Noi, C 2021, Framework for Assessing Economic, Environmental and Social Value of Monitoring Systems: Case Water Balance Management in Mining Sector. in A Crespo Márquez, D Komljenovic & J Amadi-Echendu (eds), 14th WCEAM Proceedings. Springer, Cham, Switzerland, Lecture Notes in Mechanical Engineering, pp. 214-226, 14th World Congress on Engineering Asset Management, WCEAM 2019 , Singapore, Singapore, 28/07/19. https://doi.org/10.1007/978-3-030-64228-0_19

Framework for Assessing Economic, Environmental and Social Value of Monitoring Systems: Case Water Balance Management in Mining Sector. / Räikkönen, Minna (Corresponding author); Uusitalo, Teuvo; Molarius, Riitta et al.
14th WCEAM Proceedings. ed. / Adolfo Crespo Márquez; Dragan Komljenovic; Joe Amadi-Echendu. Cham, Switzerland: Springer, 2021. p. 214-226 (Lecture Notes in Mechanical Engineering).

Research output: Chapter in Book/Report/Conference proceeding › Conference article in proceedings › Scientific › peer-review

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AU - Uusitalo, Teuvo

AU - Molarius, Riitta

AU - Kortelainen, Helena

AU - Di Noi, Claudia

N1 - Funding Information: Acknowledgements. This activity has received funding from European Institute of Innovation and Technology (EIT), a body of the European Union, under the Horizon 2020, the EU Framework Programme for Research and Innovation. The authors want to give their sincere thanks especially to Susanna Horn, Sonja Kuokkanen and Eija Saari from Outotec. The authors also wish to express their gratitude to all people who contributed to the research in the EIT SERENE project. Funding Information: The research was inspired by ‘Dynamic predictive solution for sustainable water balance management in mining (SERENE)’ project, funded by the European Institute of Innovation and Technology (EIT). The project responds to the growing need to improve water balance management in the mining sector. The SERENE project developed a new IIoT-based water management system that helps the mining industry monitor the entire mine site’s water balance in real-time. The system also provides the industry with the possibility to create short-term forecasts for the site’s water volumes and water quality in different production and environmental conditions. Funding Information: This activity has received funding from European Institute of Innovation and Technology (EIT), a body of the European Union, under the Horizon 2020, the EU Framework Programme for Research and Innovation. The authors want to give their sincere thanks especially to Susanna Horn, Sonja Kuokkanen and Eija Saari from Outotec. The authors also wish to express their gratitude to all people who contributed to the research in the EIT SERENE project. Publisher Copyright: © 2021, The Author(s), under exclusive license to Springer Nature Switzerland AG.

PY - 2021

Y1 - 2021

N2 - Mining industry is highly dependent on the state of its assets, and itis also a significant water user and producer of wastewater. Thus, the management of water-related assets and operations is a critical business issue and has an effect both on the growth and profitability in mining companies. Moreover, digitalization influences asset management processes, and implementation of novel IIoT technologies for water balance management are vital for sustainable mining business. However, investments in water-related IIoT technologies must be carefully planned and evaluated to deliver immediate and long-term benefits, to enhance the asset utilization, and to reduce the environmental risk. This research presents an asset management framework and related tool: Framework for assessing Economic, Environmental and Social Value of Monitoring System (FEES). FEES defines the customer value of the water balance system and supports the economic, environmental and social impact and risk assessment in mining sector, and demonstrates the costs and risks as well as the benefits achieved by a potential customer. The paper contributes to the asset management research field by providing a multidimensional approach to assess water-related investments in mining industry. From a long-term perspective, applying a multidimensional approach to the assessment generates several benefits, including advancing the ability to communicate the value of water-related investments to business ecosystem, local societies, people, investors and other stakeholders as well as to support the goal of sustainable growth. The proposed model provides practitioners with the opportunity to adopt a proactive approach to assess water balance system’s value.

AB - Mining industry is highly dependent on the state of its assets, and itis also a significant water user and producer of wastewater. Thus, the management of water-related assets and operations is a critical business issue and has an effect both on the growth and profitability in mining companies. Moreover, digitalization influences asset management processes, and implementation of novel IIoT technologies for water balance management are vital for sustainable mining business. However, investments in water-related IIoT technologies must be carefully planned and evaluated to deliver immediate and long-term benefits, to enhance the asset utilization, and to reduce the environmental risk. This research presents an asset management framework and related tool: Framework for assessing Economic, Environmental and Social Value of Monitoring System (FEES). FEES defines the customer value of the water balance system and supports the economic, environmental and social impact and risk assessment in mining sector, and demonstrates the costs and risks as well as the benefits achieved by a potential customer. The paper contributes to the asset management research field by providing a multidimensional approach to assess water-related investments in mining industry. From a long-term perspective, applying a multidimensional approach to the assessment generates several benefits, including advancing the ability to communicate the value of water-related investments to business ecosystem, local societies, people, investors and other stakeholders as well as to support the goal of sustainable growth. The proposed model provides practitioners with the opportunity to adopt a proactive approach to assess water balance system’s value.

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KW - assessment

KW - value

KW - risk

KW - water balance management system

KW - mining

KW - asset management

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U2 - 10.1007/978-3-030-64228-0_19

DO - 10.1007/978-3-030-64228-0_19

M3 - Conference article in proceedings

SN - 978-3-030-64227-3

T3 - Lecture Notes in Mechanical Engineering

SP - 214

EP - 226

BT - 14th WCEAM Proceedings

A2 - Crespo Márquez, Adolfo

A2 - Komljenovic, Dragan

A2 - Amadi-Echendu, Joe

PB - Springer

CY - Cham, Switzerland

Y2 - 28 July 2019 through 31 July 2019

ER -

Räikkönen M , Uusitalo T, Molarius R, Kortelainen H, Di Noi C. Framework for Assessing Economic, Environmental and Social Value of Monitoring Systems: Case Water Balance Management in Mining Sector. In Crespo Márquez A, Komljenovic D, Amadi-Echendu J, editors, 14th WCEAM Proceedings. Cham, Switzerland: Springer. 2021. p. 214-226. (Lecture Notes in Mechanical Engineering). doi: 10.1007/978-3-030-64228-0_19

Framework for Assessing Economic, Environmental and Social Value of Monitoring Systems: Case Water Balance Management in Mining Sector

Abstract

Publication series

Conference

Keywords

UN SDGs

Access to Document

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