Abstract
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.
