Freeport-McMoRan‘s patent involves a method and system to optimize material processing systems by analyzing production constraints, estimating entropy effects on cycle and processing times, predicting delays, and deploying necessary equipment to meet production targets. The innovative approach enhances operational efficiency and capacity planning in material handling processes. GlobalData’s report on Freeport-McMoRan gives a 360-degree view of the company including its patenting strategy. Buy the report here.
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According to GlobalData’s company profile on Freeport-McMoRan, Extraction by leaching was a key innovation area identified from patents. Freeport-McMoRan's grant share as of January 2024 was 68%. Grant share is based on the ratio of number of grants to total number of patents.
Predicting and deploying equipment to meet production targets
A recently granted patent (Publication Number: US11847595B2) outlines a method for deploying equipment in a material processing system to meet defined production targets efficiently. The method involves generating production constraints, estimating the impact of entropy on cycle times and material processing times through stochastic simulations, predicting delays based on historical data, and determining loading and conveying system capacities required to meet production targets. By deploying material loading and conveying systems based on these calculations, the method aims to optimize production processes effectively.
Furthermore, the patent includes provisions for receiving data on planned shifts, equipment downtime, and production targets to generate production constraints. It also establishes an acceptable level of risk for system capacities failing to meet targets, utilizing probability matrices for risk assessment. The method involves periodic repetition of steps, ensuring ongoing optimization. Additionally, the patent details the estimation of entropy effects on cycle times based on historical data, including simulations for loaded and empty states of the conveying system. By incorporating these elements, the patented method offers a comprehensive approach to deploying equipment in material processing systems for enhanced operational efficiency and productivity.
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GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
