The role of maintenance has evolved significantly over the last few decades from just fixing broken assets to using an engineered system that aims to improve asset integrity and reliability. Asset management considers the whole life cycle of assets and the total life cycle cost in decision making. Several standards have been developed over the last decade to assist and guide industries to implement asset management systems that are aimed at improving asset reliability, equipment integrity and safety. The objective of this study was to identify potential causes of unplanned breakdowns and to investigate whether the asset management strategy and systems implemented is lacking essential components. This investigation aimed to identify whether the asset management system implemented is adequate, and whether competent and experienced personnel diligently apply the associated strategies. The study collected data by means of a survey. About 1300 members of the personnel were identified as respondents and 102 persons from operations, maintenance, engineering, and management completed the questionnaire. The results indicated that a thorough asset management system, which is on par with the latest international standards, has been implemented. Some areas were identified where the asset management framework is not diligently implemented or applied. A shortcoming is the concept of asset management maturity. It was found that areas that have a mature asset management implementation achieved better overall asset performance.