Equipment failure is a common problem in mining operations, resulting in significant delays and reductions in production efficiency. To address this problem, this paper proposes a dynamic scheduling model for underground metal mines under equipment failure conditions. The model aims to minimize the impact of equipment failures on production operations while avoiding extensive equipment changes. A case study of the southeastern mining area of the Chambishi Copper Mine is presented to demonstrate the effectiveness of the proposed model. The initial plan was generated using the multi-equipment task assignment model for the horizontal stripe pre-cut mining method. After equipment breakdown, the proposed model was used to reschedule the initial plan. Then, a comparative analysis was carried out. The results show that the proposed model effectively reduces the impact of equipment failures on production operations and improves overall mining execution at a low management cost. In general, the proposed model can assist schedulers in allocating equipment, coping with the disturbing effects of equipment failure, and improving mine production efficiency.