Shovels, haul trucks and conveyors are used in surface mines for material haulage of which trucks are have been most widely used. This paper presents a comprehensive comparison study in terms of the operating efficiency of trucks and conveyors as applied in surface mining operations. Three key time usage metrics are used to assess the efficiency of both haulage systems namely: Utilised Time, Operating Time and Valuable Operating Time. The notion that measurement of equipment performance should focus on a multi instead of a single- factor approach is proposed. Comparison of the two systems based on these measures indicates that although trucks lend themselves to high flexibility and lower upfront capital outlay, conveyor haulage offers a better measure of performance on all the three metrics of measuring equipment performance. This opportunity lies in the high Valuable Operating Time achievable with the conveyors compared to the trucks. The results of analysis on 308,912 load records and 12 months equipment usage indicates that while the truck fleet achieve much higher Available Time and Utilisation Time, the conveyors achieve a higher Valuable Operating Time (25% higher) compared to the truck fleet. The conveyors achieved an average of 3,509 hours in Valuable Operating Time compared to the average Valuable Operating Time of 2,638 hours for the truck fleet. The inference made from this observation is that, the higher effective utilisation of a continuous haulage system for example In-Pit Crusher Conveying (IPCC) could significantly improve the operating efficiency of the loading equipment.