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This project examines the critical role of asset management and reliability engineering in optimizing physical assets at Hydro’s Brazilian bauxite mine. It shows how these disciplines raise availability, reduce costs, and improve safety. The work explores event historians, machine learning (ML), and artificial intelligence (AI), benchmarking global ROI. Industry 4.0 tools for mobile assets like trucks and tractors are applied through a tailored approach, combining proven methods with innovation. A pioneering application uses an event historian with ML and AI to predict failures, optimize maintenance, and improve effectiveness. Case studies demonstrate gains in performance, efficiency, safety, and training, while addressing challenges and future integration.