Mineral Economics, Mine Reliability, and Asset Management Laboratory

The Mineral Economics, Mine Reliability, and Asset Management Laboratory is led by Professor Mustafa Kumral in the Department of Mining and Materials Engineering at McGill University. The research conducted in the lab focuses on finding solutions to various problems through modeling, simulation and optimization tools to generate sustainable and healthy returns in the mineral industries.

Mineral economics research focuses on cycle analysis of commodity prices, price forecasting and mine project valuation. The laboratory makes use of environmental economics, policy and management to explore sustainable mining operations. Additionally, specific emphasis is placed on equipment reliability and availability. Within this context, reliability analysis, asset management and human-machine interaction are also points of focus in the laboratory.

In summary, Dr. Kumral aims to capitalize on opportunities created by digitalization to develop new mining strategies that integrate the Industry 4.0 and the circular economy. Over ten researchers are actively involved with the projects supported by various industry partners and funding agencies. The research outcomes are distributed through scientific journals, conferences, and workshops. The mission of the Mineral Economics, Mine Reliability, and Asset Management Laboratory Laboratory can be summarized as "maximizing the benefit of mining stakeholders for the sustainable healthy returns and contributing to the training of highly qualified personnel for mining operators in Canada and worldwide”.