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Life-Cycle Cost Evaluation Of Corrosion Mitigation Strategies In Mining Industry

Life-Cycle Cost Evaluation of Corrosion Mitigation Strategies in the Mining Industry
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An economic evaluation of a project plays a significant role in determining its feasibility. Corrosion is intrinsic to the operation of metallic assets, and the costs dedicated to its prevention and/or its consequences are unavoidable. Different corrosion strategies could be developed to address the project's needs while complying with relevant codes and standards. These various corrosion control strategies are characterized by inherently different capital expenditures (CAPEX) and operating expenses (OPEX). Careful analysis of the cost projections for each of the considered corrosion mitigation strategies is needed for project optimization and improvement of return on investment.  

Product Number: 51322-18146-SG
Author: M. Naghizadeh, Y. Savguira, M. Fatakdawala
Publication Date: 2022
Industries: Corrosion Monitoring and Control , Coatings
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Corrosion-related challenges are usually addressed during the detailed engineering phase to meet the specified service life of the asset, but a comprehensive strategy to lower corrosion costs is rarely implemented. A life-cycle cost (LCC) analysis is often used to optimize the design and consider direct and indirect costs. The approach allows to quantify the capital and operating costs and costs associated with the failure of assets and potential implications associated with safety and environmental damage. The present paper explores the cost of corrosion in the mining industry and attempts to identify pathways for design optimization. The current work examines the corrosion costs associated with the lithium processing industry using an LCC analysis. The direct cost of corrosion was determined by quantifying the cost of all corrosion-related activities and design, and the indirect cost of corrosion was estimated through industry-accepted models. The effectiveness of corrosion mitigation strategies was evaluated by examining the sum of present value of money. Net present value of money over the design life of the investment and/or the shortest payback period, and/or the highest return on investment (ROI) were briefly discussed as the alternative approaches for identifying the most economic corrosion control system. 

Corrosion-related challenges are usually addressed during the detailed engineering phase to meet the specified service life of the asset, but a comprehensive strategy to lower corrosion costs is rarely implemented. A life-cycle cost (LCC) analysis is often used to optimize the design and consider direct and indirect costs. The approach allows to quantify the capital and operating costs and costs associated with the failure of assets and potential implications associated with safety and environmental damage. The present paper explores the cost of corrosion in the mining industry and attempts to identify pathways for design optimization. The current work examines the corrosion costs associated with the lithium processing industry using an LCC analysis. The direct cost of corrosion was determined by quantifying the cost of all corrosion-related activities and design, and the indirect cost of corrosion was estimated through industry-accepted models. The effectiveness of corrosion mitigation strategies was evaluated by examining the sum of present value of money. Net present value of money over the design life of the investment and/or the shortest payback period, and/or the highest return on investment (ROI) were briefly discussed as the alternative approaches for identifying the most economic corrosion control system. 

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