Economic conditions in the mining industry will continue to experience a downturn going into the next year before reviving, according to industry reports. As mining company owners and site operators ride out the wave of an unpredictable economic climate, it's critical that they use tools to maximize efficiency and lifecycles of every piece of machinery. Equipment condition monitoring tools are essential, cost-efficient solutions to help in the battle against diminished margins.

Gold and silver stocks have been mired in a bear market for the last two and half years, wrote MINING contributor Jordan Roy-Byrne, losing between 65 to 78 percent of their value. While these market dips are likely the worst in store for the bottoming process of these two resources, the climb back to the next bull market won't happen overnight. With these commodities commanding less value in global markets, the pressure is on mining company owners and operators to reduce expenses and shed resources that aren't mission-critical. In order to accomplish this without risking the long-term value of their operations, organizations have to invest in the best available asset management and monitoring products available.

The benefits of equipment monitoring systems to encourage preventative maintenance, curb downtime and reduce the costs of repairs are evident in the fact that these solutions have not experienced a market hit commensurate with other product offerings in the mining sector, according to Reuters. Remote equipment monitoring solutions have demonstrated their capacity to reduce operating expenses for a minimum capital investment, making them ideal solutions for the budget-conscious organization. These solutions promote equipment reliability while also freeing operations leaders from the time and energy costs of unnecessary machine evaluations and post-breakdown repair work. As the mining sector rebounds, these solutions will provide organizations with the ability to immediately realize renewed profits.