Improving Productivity

Coal production in 2014 is poised to see a 36 million ton increase, reaching just over 1 billion tons. This a 3.6 percent rise from last year and will represent the industry's first expansion in the last two years.

Overall, Barclays capital data shows the commodity market fell by $88 billion in the first 11 months of 2013, a record within the sector. Therefore, organizations mining gold and silver will have to utilize their operational budget optimally to make up for potential losses within these markets.

Approval of an iron ore mine in Australia is likely to help generate more sales for mining equipment manufacturers, a development that could lead to more companies adopting predictive maintenance technology such as load sensors.

Keeping machines running through the utilization of equipment monitoring systems can help reduce the cost of repairs by eliminating downtime and keeping production at a high level.

Mining companies that are looking to improve their financial outlook in 2014 can begin by making predictive maintenance a priority and investing in strain sensors and other solutions.