At Newmont, operational excellence and continuous improvement are cornerstones of success. In 2014, Newmont introduced a structured and continuous improvement program called Full Potential, which has since delivered more than $4 billion in value.
Full Potential is the key vehicle for reducing costs and boosting productivity across Newmont. The program continues to evolve to address the strategic needs of the business by identifying, evaluating and prioritizing work to deliver value in a planned manner. In 2022, the Full Potential program is expected to deliver more than $290 million of value through nearly 250 projects, which will generate significant value well into the future of many of our major operations.
One of the most impactful Full Potential programs is Rapid Replication, which focuses on scaling operational leading practices across Newmont’s global portfolio. Rapid Replication is designed to create value by aligning the Company’s business practices with leading industry practices, defining what operational excellence looks like and providing tools to replicate this across all operations.
An example of Rapid Replication in action is the deployment of Payload Management at Peñasquito. By optimizing the payload of each truck, in collaboration with the original equipment manufacturer, the site has increased average payload by nine tonnes (or three percent), while simultaneously increasing payload compliance by six percentage points.
“The Payload Management Rapid Replication framework creates order and control in each step of our process, recognizes our strengths and opportunities, and provides the tools to sustain the process in the long run. It has helped us improve our payload and trucked tonnes per operating hour without impacting other key performance indicators.”
– Iliam Aguirre Huaman, Peñasquito Mine Manager
Full Potential is integral to how Newmont operates, ensuring a robust approach to identifying, delivering and replicating improvement opportunities across the global business.