The sustainable development of mining processes requires a deep knowledge of the effectiveness of mining equipment and is quite complex to analyze due to the intrinsic characteristics of the mining industry. In this regard, its measurement and control can lead to appropriate management, improving the mining processes’ efficiency, increasing safety levels, and reducing environmental impacts. This paper developed a new methodology to study the effectiveness of equipment in mining processes, researching the impacts of process management, process control, operating conditions, operational mining schedule, and maintenance programs on the effectiveness of drilling rig fleets using two actual coal mines located in the northwest of Spain and data collected over 10 years. Thus, a new method, called Overall Mining Equipment Effectiveness (OMEE), was developed, verifying its appropriateness and flexibility to analyze the effectiveness of mining equipment by examining the availability rate, utilization rate, and productivity index.