Life-of-Mine (LOM) is a term used in the mining industry to describe the expected length of time that a mine will be active and productive. It is the estimated time that an ore deposit can be economically exploited and a mine can remain profitable. LOM planning is done using advanced software to help mine designers create models that show how different mining factors will impact the ore grades and potential revenues over time.
LOM is an important concept for the manufacturing industry, as it provides critical data on how long the supply of raw materials will last and when additional resources will be needed. Manufacturers use LOM planning to determine the optimum timing for investments in new mines and exploration activities. This is important since it helps to prevent costly supply-chain disruptions and reduce the risk of running out of essential materials.
Moreover, LOM planning can also help manufacturing companies in optimizing their production plans, enabling them to improve their planning accuracy, making sure that they would use the resources efficiently and meet the demands on time. This further results in improved operations, reduced costs, and increased profits, offering manufacturers an advantage over their competitors.
In summary, LOM is an essential term for mining and manufacturing industries that enable to plan and optimize production and supply chain strategies that ensures transparency in the production cycle and efficient management of resources.
Life-of-Mine
Manufacturing Term
Life-of-Mine (LOM) is a term used in the mining industry to describe the expected length of time that a mine will be active and productive. It is the estimated time that an ore deposit can be economically exploited and a mine can remain profitable. LOM planning is done using advanced software to help mine designers create models that show how different mining factors will impact the ore grades and potential revenues over time.
LOM is an important concept for the manufacturing industry, as it provides critical data on how long the supply of raw materials will last and when additional resources will be needed. Manufacturers use LOM planning to determine the optimum timing for investments in new mines and exploration activities. This is important since it helps to prevent costly supply-chain disruptions and reduce the risk of running out of essential materials.
Moreover, LOM planning can also help manufacturing companies in optimizing their production plans, enabling them to improve their planning accuracy, making sure that they would use the resources efficiently and meet the demands on time. This further results in improved operations, reduced costs, and increased profits, offering manufacturers an advantage over their competitors.
In summary, LOM is an essential term for mining and manufacturing industries that enable to plan and optimize production and supply chain strategies that ensures transparency in the production cycle and efficient management of resources.