Content thumbnail Cash in the Ground

Cash in the Ground

Cash in the ground Working capital management in the mining sector

Contents Summary 2 Setting the scene 3 Stalled progress in working capital performance in 2011—13 4 Case studies 7 Wide variations in current working capital performance between commodity groups 8 Driving working capital excellence 10 How EY can help 11 Methodology 12 Glossary 12 Contacts 13

Summary Cash in the ground is the latest in a series of working capital (WC) management reports based on EY research. With the commodities super-cycle now reaching its conclusion, the Gmj]ph]ja]f[]afl`]eafaf_k][lgj[gfÕjekl`YlY\]\a[Yl]\ mining sector has started to focus more rigorously on cash, cost, ^g[mkgfO;eYfY_]e]floaddj]d]Yk]Y\\alagfYd[Yk`Ögok capital discipline and project delivery as essential components in totaling tens of billions of US dollars across the companies in our improving their productivity levels. As boards and CEOs seek to kmjn]q$_an]fl`Yll`]ajY__j]_Yl]d]n]dkg^_jgkkO;È\]Õf]\Yk improve return on capital and dividends to deliver greater value the sum of trade receivables, inventory and accounts payable — to shareholders on a more sustainable basis, WC management amount to over US$200 billion. is receiving far more attention. Many initiatives have been To capitalize on this opportunity, mining companies will need implemented with regard to lean processing and supply chain, to drive continuous operational and structural improvements, billing and cash collection, spend consolidation, management of addressing “root and branch” aspects of WC policies, processes hYqe]fll]jek$ALYf\eYfY_]e]flkqkl]ek$Yf\kaehdaÕ[Ylagfg^ and metrics. functions and processes. Despite this heightened focus on WC, our analysis of the Key initiatives should include: performance of 80 of the largest mining companies paints a • Change in behaviors within the organization, focused on contrasting picture. Overall progress stalled between 2011 and optimizing returns rather than on increasing production at 2013 (cash to cash (C2C), a measure of the cash conversion any cost cycle, was up 2%) in sharp contrast with the improvement seen • Management of WC as a strategic initiative, including the in the previous four years (C2C was down 24% between 2007 alignment of employee compensation with return on capital and 2011). ]ehdgq]\Yf\^j]][Yk`Ögoh]j^gjeYf[]e]Ykmj]k Results compared between and within commodity groups were • Further streamlining of processing and supply chains, including also far from uniform over the periods under review, with some consolidation of warehouse locations for spares and virtual businesses continuing to improve their performance while warehousing others did not. Only 3 out of 10 commodity groups (and 42% of companies analyzed) reported a lower C2C in 2013 than in 2011, • Improvements in shut down maintenance planning and new while every commodity group but one (and 55% of companies models for the purchase of inventory spares analyzed) posted better results in 2011 than in 2007. • Greater collaboration and process alignment with customers Current WC performance between the commodity groups varies where possible considerably. These gaps can be explained by the way different • Better supply chain planning and effective integration between commodities are mined, processed and sold, as well as by the supply chain partners complex and not always fully understood trade-offs between cash, costs, delivery levels and risks that each company must take and • Better coordination between supply, planning, processing, manage given the need to maximize capacity utilization and offset procurement, logistics and sales functions and processes considerable logistics and supply chain constraints in the business. • Focus on improving billing and cash collections The gaps are also due to fundamental differences in the intensity of management focus on cash and the effectiveness of WC • More effective management of payment terms, partnerships management processes. However, evidence also suggests that the arrangements and milestones on capital projects degree of management attention on cash and WC tends to weaken • Afl]fkaÕ[Ylagfg^kh]f\[gfkgda\YlagfYf\[gfljgd o`]fl`]hjgÕlYZadalqg^gh]jYlagfkjak]k& Cash in the ground: working capital management in the mining sector 2

Setting the scene Mining is a highly cyclical and capital-intensive business. During the past decade, demand for mining products has shifted away For this survey, we have chosen to focus on 80 of the largest from developed countries to fast-growing economies, while mining companies (by sales) in the world, engaged in the traditional sources of supply have been progressively replaced by exploration, mining and processing of 10 core minerals production from more remote and challenging geographies. (aluminium, coal, copper, gold, iron ore, nickel, platinum, Some of the largest mining companies have increasingly global potash, silver and zinc). Three minerals dominate our sample, or pan-regional footprints. In addition, they are diversifying and accounting for more than two-thirds of the overall sales. optimizing their capabilities across all or part of the value chain. Percentage of overall sales Capital expenditure (capex) from mining companies has increased since 2009, peaking in 2012, with projects growing in scale and 80 complexity. From mid-2013, stronger capital discipline and lower 70 hja[]k`Yn]j]kmdl]\afYka_faÕ[Yflj]\m[lagfaf[Yh]p&O`ad] 60 commodity prices have increased and then declined, production 50 costs have continued to escalate because of a combination of 40 rising labor, raw materials and equipment costs plus falling mine 30 productivity. This has led to WC management receiving far more 20 management attention. 10 0 Iron ore Copper Coal Total % of overall sales 3 Cash in the ground: working capital management in the mining sector

Stalled progress in working capital performance in 2011–13 Our analysis of the mining sector’s WC performance shows overall progress stalling between 2011 and 2013, in sharp contrast with the improvement seen in the previous four years (2007–11). Change in WC metrics by commodity group, 2007–11 and 2011–13 DSO change (%) DIO change (%) DPO change (%) C2C change (%) 2011–13 2007–11 2011–13 2007–11 2011–13 2007–11 2011–13 2007–11 Aluminium —7 —26 —4 6 19 —2 —23 —9 Coal 21 —12 17 —7 24 6 11 —28 Copper 18 —8 2 —5 29 —6 —4 —6 Gold —11 —27 26 11 22 —13 16 15 Iron ore —10 —27 12 —14 2 19 1 —47 Nickel —24 —14 26 —3 5 —5 14 —6 Platinum —13 —36 60 18 —3 19 88 —2 Potash —4 —18 13 4 —15 —5 16 —10 Silver 11 —39 31 —20 80 —20 10 —30 Zinc —35 32 —9 —12 5 36 —35 —9 Grand total 1 —21 11 —6 14 5 2 —24 Note: DSO is days sales outstanding; DIO is days inventory outstanding using the current portion of inventory; DPO is days payable outstanding; C2C is cash-to-cash, with metrics calculated on a sales-weighted basis. Kgmj[]2=QYfYdqkak$ZYk]\gfhmZda[dqYnYadYZd]ÕfYf[aYdklYl]e]flk& The mining sector as a whole reported a drop of 24% in C2C It is worth noting that using cost of sales (COS) rather than sales between 2007 and 2011 (from 50 days to 38 days), and then to measure change in DIO and DPO would have shown similar a slight increase of 2% between 2011 and 2013 (to 39 days). variations between 2007 and 2011. The picture would have been It should be noted that two periods of the mining cycle have different for the 2011–13 period, with both DIO and DPO falling been distinguished to allow more meaningful comparisons of the at a much lower rate (instead of both rising). However, a degree of sector’s WC performance relative to conditions in the sector. caution should be exercised when reviewing these metrics. COS is The improved WC performance during the 2007–11 period fglYdoYqk\ak[dgk]\Yf\ÕfYf[aYdj]hgjlaf_Yf\\ak[dgkmj]knYjq came from each WC component, with a fall in both days sales greatly among companies. outstanding (DSO) (down 21%, or 7 days, to 28 days) and days Between 2007 and 2011, every commodity group but gold (and inventory outstanding (DIO) (down 6%, or 3 days, to 44 days), as 55% of companies analyzed) reported a reduction in C2C. Iron ore well as an increase in days payable outstanding (DPO) (up 5%, or and coal were the best-performing commodities. 2 days, to 34 days). The inventory and payables differential Between 2011 and 2013, only three commodity groups (and (DIO – DPO) was reduced from 15 days to 10 days. 42% of companies analyzed) reported a lower C2C. Aluminium For the 2011–13 period, the deterioration in WC performance and zinc were the best-performing commodities, while platinum came from a poor showing in inventory (DIO up 11%, or 5 days, to was the worst, with performance affected by inventory build-up in 49 days) and, to a lesser extent, in DSO (up 1% to 28 days), partly anticipation of strike action in South Africa. offset by better results in payables (DPO up 14%, or 4 days, to 38 days). Cash in the ground: working capital management in the mining sector 4

For each commodity, there has also been major variations both Proportion of sales coming from Asia in the level and degree of change in C2C between individual companies. For example, the spread in C2C (using standard 50-60%in 2013 deviation as a measure) for coal decreased from 24 days to 17 days between 2007 and 2011, and then increased to 25 days between 2011 and 2013. For iron ore, the spread decreased from 32 days to 28 days, before rising to 39 days. In contrast, for copper, the spread dropped from 29 days to 25 days, and then to 21 days. C2C for the mining sector, 2013 Iron ore, coal Aluminium 30-40%in 2007 25 A number of factors can explain these WC trends overall and for days 37 each commodity group: days Increased proportion of sales coming from Asian economies: 9ka_faÕ[Yfl^Y[lgjafÖm]f[af_l`]k][lgjÌk;*;gn]jlae]`Yk been the dramatic increase in the proportion of sales coming from days Asian economies. This shift has had a positive impact on overall 39 DSO, as payment terms in some of these Asian economies, such (average) as China, are generally shorter than those in the US and Europe. Gold Copper Change in pricing practices for supply contracts: The proportion of commodities negotiated on a spot basis instead of being sold on contract has increased in recent years, contributing to lower DSO. This is particularly the case for iron ore. 48 Increased exposure to commodity trading: A number of mining 51 companies have set up trading arms in recent years, adopting days days some of the strategies used by the big commodity trading houses to make money by exploiting different prices for products in different parts of the world. This increased exposure to trading which generally carries short trade terms has also contributed to lower DSO. 5 Cash in the ground: working capital management in the mining sector

Change in capex: Another factor has been change in the sector’s Change in the sector’s C2C and mineral prices, 2007–13 level of capex, with companies accelerating investments to grow 150 60 capacity and improve infrastructure. For the mining companies 140 in our survey, overall capex jumped from 13% of sales (or US$67 billion) in 2007 to 22% in 2012 (US$156 billion). This 130 proportion then fell back to 19% (US$134 billion) in 2013 as 120 50 the sector sought to contain costs and focus on those projects x110 s providing the best returns. Rising capex leads to higher DPO. 100 y Inde Da Change in the sector’s capex in value and percentage of sales, 2007–13 90 80 40 25 200 70 60 20 50 30 150 2007 2008 2009 2010 2011 2012 2013 s sale15 Metals price index C2C o 100 x t US$bCommodity Minerals Price Index, Dec 2007 = 100, includes aluminium, copper, iron ore, lead, ape10 nickel, tin, uranium and zinc. % c Kgmj[]2AE>Yf\=QYfYdqkak$ZYk]\gfhmZda[dqYnYadYZd]ÕfYf[aYdklYl]e]flk& 50 5 Initiatives taken by individual companies: While some of the YZgn]^Y[lgjkhdYq]\Yka_faÕ[Yfljgd]af\janaf_l`]k][lgjÌk;*; 0 2007 2008 2009 2010 2011 2012 2013 0 in recent years, progress in WC performance also came from a number of initiatives taken by individual companies. Capex Capex to sales L`]k]afalaYlan]k^g[mk]\gfj][gfÕ_mjaf_dg_akla[kYf\kmhhdq Kgmj[]2=QYfYdqkak$ZYk]\gfhmZda[dqYnYadYZd]ÕfYf[aYdklYl]e]flk& chains to make them leaner and more agile, improving billing and cash collections, managing payment terms for customers Volatility in mineral prices: Variations in mineral prices have and suppliers more effectively (including renegotiation of terms), also played some part in driving the sector’s C2C. This has led leveraging and consolidating procurement, improving IT and lgYka_faÕ[Yfl[`Yf_]afZ]`Ynagjkoal`afgj_YfarYlagfk$Zml eYfY_]e]flkqkl]ek$[j]Ylaf_Yegj]mfaÕ]\k`Yj]\%k]jna[] l`]k[Yd]g^l`]ajaehY[lj]eYafk\a^Õ[mdllgYkk]kk&L`akak\m] organization, and reducing complexity in functions and processes. to a number of factors, including timing differences in passing Other actions included sharing infrastructure and coordinating on these changes to customers, futures or spot prices arbitrage transportation of products with other producers and logistics arrangements, differential between prices at year average and at service providers, and optimizing spare parts planning and year end, and investment decisions based on mineral prices. The inventory management. next graph reveals a direct relationship between mineral prices and the sector’s C2C before 2008 and between 2010 and 2013, Expectations of wider divergences in WC performance: after a period of disconnection between 2008 and 2010, affected For 2014, we expected the WC results to reveal even wider by exceptional price volatility during the global downturn and the divergences in performance between commodity groups and subsequent phase. individual companies, as some embrace more substantial and sustainable operational and structural changes in the way they address WC. The more the pain, the more urgency to gain. Changes in capex programs (with some choosing to be more selective) will be another contributory factor. Cash in the ground: working capital management in the mining sector 6

Case studies • Global WC reduction program: EY was chosen by a large global miner to develop a global WC reduction hjg_jYe&L`akhjg_jYeafngdn]\2\]Õfaf_jgd]kYf\ responsibilities for WC across all relevant functions; validating reporting processes with relevant stakeholders and supporting WC decision-making; reviewing existing WC processes and identifying areas for improvement; developing detailed action plans to implement leading practices and measure progress through the design of appropriate KPIs; and putting in place the right incentives to motivate and change internal behaviors. • “Purchase-to-pay” process improvement: EY was engaged to improve the management of its “purchase-to-pay” processes. This program involved: segmenting the supplier base according to payment terms, trigger and frequency; renegotiating and harmonizing payment practices for each segment, while ensuring compliance; eradicating the root causes of invoice processing delays; and introducing reports and metrics to monitor and assess progress. • Inventory management improvement: A mining company had pursued a number of initiatives to improve its inventory management over a three-year period, but felt that there was still scope to further improve performance. An EY project team was engaged to review the existing processes and design an action plan to reduce inventory levels. Afn]flgjqlYj_]ld]n]dko]j][Yd[mdYl]\lgj]Ö][l the characteristics of each stock-keeping unit (SKU), including supply lead times, forecast accuracy, gj\]j%ÕddjYl]_gYdkYf\gj\]jaf_eafaemeimYflala]k& Forecast accuracy was improved via the planning process, while lead times were reduced for key products. This program led to an overall reduction in inventory levels and write-offs (however, with some SKUs reporting higher levels of inventory to support improving service levels). • WC dashboard: For a large mining company, EY created a WC dashboard, providing forecasts of future WC balances and establishing a new variance reporting capability. 7 Cash in the ground: working capital management in the mining sector

Wide variations in current the two largest producers of coal, which are based in China, exhibit a C2C of as little as 2 days, owing to the combination of a negative working capital performance 22 days receivables and payables differential (meaning that they are able to collect from customers 22 days faster than they among commodity groups pay their suppliers) and a very low DIO. In a time of razor-thin Current performance in WC among the commodity groups varies margins, this lower draw on working capital can be the competitive considerably. These variations are driven by a combination difference between success and failure. For aluminium and g^^Y[lgjkkh][aÕ[lg]Y[`[geeg\alqYf\Zqkljm[lmjYdYf\ gold, the largest producers (two and three in number) display gh]jYlagfYd^Y[lgjkkh][aÕ[lg]Y[`[gehYfqoal`af]Y[`_jgmh& a C2C of 23 days and 36 days, respectively, which is 60% and 40%, respectively, below that of their smaller peers. For both In 2013, the average C2C for the mining sector was 39 days (on a commodity groups, this was due to lower DSO and DIO, and for sales-weighted basis), with iron ore and coal displaying the lowest gold, due to a much higher DPO. levels (25 days each) and platinum and nickel the highest (with In today’s environment, scale has become essential to optimize l`]aj;*;]p[]]\af_1-\Yqk!&9dmeafameYdkgÕ_mj]kYegf_l`] gh]jYlaf_Yf\ÕfYf[aYdh]j^gjeYf[]Yf\eala_Yl]l`]jakck best performers (with C2C of 37 days), while gold and copper associated with major projects. It provides companies with greater stand in the middle (C2C of 48 days and 51 days, respectively). ghhgjlmfala]klg\jan]^mjl`]j]^Õ[a]f[a]kafl`]ajhjg[]kkaf_Yf\ Interestingly, larger producers (using sales as the indicator of size) supply chains operations and negotiate favorable payment terms tend to exhibit a lower C2C than their smaller peers. For example, with their customers and suppliers. WC metrics by commodity group, 2013 Days Overall Alu Coal Copper Gold Iron ore Nickel Platin Potash Silver Zinc DSO2823392812282110412622 DIO49573355733799120486040 DPO 38 43 46 32 37 39 21 36 26 26 29 C2C3937255148259995636033 Kgmj[]2=QYfYdqkak$ZYk]\gfhmZda[dqYnYadYZd]ÕfYf[aYdklYl]e]flk& Cash in the ground: working capital management in the mining sector 8

There are a number of drivers as given below that need to be fYlmj]g^l`]k]eaf]jYdk$_]f]jYddqkgd\gjlgddj]Õf]\l`jgm_` considered when comparing current WC performance between Y`Yf\^mdg^dYj_]j]Õf]ja]kYjgmf\l`]ogjd\$]fYZdaf_l`] commodity groups. These include: enforcement of favorable payment terms. Business models: While sharing many common features, each • Supply contracts may also include a cash in advance payment commodity clearly has its own business characteristics, with each or deferred revenue element (which has not been factored operating phase (exploration, development and construction, in the calculation of our WC metrics, because it is not often ]pljY[lagf$[jmk`af_Yf\eaddaf_$ÖglYlagfYf\\jqaf_$Yf\l`]f separately disclosed and its accounting treatment differs). This ke]dlaf_Yf\j]Õfaf_!nYjqaf_af[gehd]palqYf\d]f_l`Y[[gj\af_ element when compared with sales varies greatly across and to the type of mineral. within commodity groups. For copper and iron ore producers, • The establishment of a mine — from the discovery of a deposit the current portion is generally below 1%. For coal producers to commissioning and operating — can take years, while the af;`afY$l`][gjj]khgf\af_Õ_mj]j]hj]k]flkl`]]imanYd]flg^ h]jag\Z]lo]]fl`]]pljY[lagfg^l`]gj]Yf\l`]j]Õfaf_h`Yk] 2% of sales. takes weeks or months. For platinum, this latter period can •

Driving working capital • IntensiÔcation of spend consolidation and control, by working more closely with suppliers, increasing global sourcing while excellence rationalizing the supplier base, and reducing complexity in processes As the pace and scale of industry change continue to escalate, • More effective management of sourcing contracts by mining companies seeking to achieve further progress in WC will `Ynaf_\]\a[Yl]\kljm[lmj]koal`[d]Yjdq\]Õf]\jgd]k need to focus on a number of key initiatives as mentioned below. and responsibilities, trusted providers with contracts that • Further streamlining of processing and supply chains to drive Yj][Yj]^mddq[gfÕ_mj]\Yf\eYfY_]\oal`aehjgn]\ _j]Yl]j]^Õ[a]f[a]k$ghlaear]Ykk]lmladarYlagfYf\Zmad\`a_`]j communication and planning, and adequate contingency plans responsiveness into systems and processes in place • Greater collaboration and process alignment with customers • Optimization of spare parts planning and inventory to reduce costs, lower inventories and improve service levels management • Better supply chain planninglg]fkmj]]^Õ[a]flYddg[Ylagf • Implementation of a larger, more uniÔed shared services of supply chain resources across the organization, improved organization, comprising processes and functions related to coordination of maintenance activities and capital project j][]anYZd]kYf\hYqYZd]k$gj\]j%^mdÕde]flYf\hmj[`Ykaf_$ delivery on time and within budget human resources, information and legal services • Effective integration between supply chain partners, enabling • Alignment of business processes and information systems enhanced demand and supply visibility, improved forecasting up and down the value chain to share real-time and accurate accuracy and better supply chain reliability supply and demand information • Better coordination between supply, planning, processing, • Increase in the use of Ônancing solutions directly or through procurement, logistics and sales functions and processes, Yl`aj\%hYjlqYkYoYqlghjgna\]YlljY[lan]Yf\Ö]paZd] in order to align the level of demand, mine and production and alternatives to customers and suppliers capacity to customer demand, while balancing cash and costs • Active management of the trade-offs between cash, cost, with delivery service delivery levels and risks, that are sometimes required with • Improvements in billing and cash collections by setting an various WC strategies — choosing, for example, between effective organizational structure of collections and dispute capacity utilization or cost-to-serve and inventory levels; management, tightening controls around terms and contracts, customer payment terms and sales price rebates; supplier and consolidating billing processes to accelerate invoice payment terms and early payment discounts; and inventory production levels for consignment stock arrangements and customer • More effective management of payment terms for delivery levels customers and suppliers, including renegotiation of terms • Driving WC synergies from acquisitions, by improving and management of payment milestones on capital project processes from integrating businesses and sharing internal WC delivery — sometimes challenging “customary contracting leading practices more widely across the extended organization arrangements” • Changing internal behaviors, by setting adequate targets for • More effective management of partnerships payment improvements in WC using monthly or year-average rather than arrangements, including paid and received royalties year-end balances, accurately assessing the progress being • Improvements in cash Õow forecasting processes, including made at both the corporate and the unit level, and aligning the more rigorous budgeting and planning, especially for new compensation of different groups (with multiple and sometimes capital projects [gfÖa[laf_afl]j]klk!lgl`]j]d]nYflh]j^gjeYf[]e]Ykmj]k Cash in the ground: working capital management in the mining sector 10

How EY can help EY’s global network of dedicated WC professionals can help you to identify, evaluate and prioritize realizable improvements to daZ]jYl]ka_faÕ[Yfl[Yk`^jgeO;l`jgm_` sustainable changes to commercial and operational policy, process, metrics and procedure adherence. We can assist you in your transition to a cash-focused culture and help implement the relevant metrics. We can also identify areas for aehjgn]e]flaf[Yk`Ögo^gj][Yklaf_hjY[la[]kYf\l`]fYkkaklaf implementing processes to improve forecasting and frameworks in order to sustain those improvements. WC improvement initiatives often create value. In addition to af[j]Yk]\d]n]dkg^[Yk`$ka_faÕ[Yfl][gfgea[Z]f]ÕlkeYqYjak] from productivity improvements, reduced transactional and operational costs and lower levels of bad and doubtful debts and inventory obsolescence. Our WC professionals are there to help wherever you do business. 11 Cash in the ground: working capital management in the mining sector

Methodology Glossary This report is based on a review of the WC performance • DSO (days sales outstanding): year-end trade of 80 of the largest mining companies (by sales) engaged receivables net of provisions, including value-added in the mining and processing of 10 different minerals tax (VAT) and adding back securitized receivables, across the world (aluminium, coal, copper, gold, iron divided by full-year pro forma sales and multiplied by ore, nickel, platinum, potash, silver and zinc). It should 365 (expressed as a number of days of sales, unless Z]fgl]\l`Yl\an]jkaÕ]\[gehYfa]k`Yn]Z]]fYddg[Yl]\ stated otherwise) to the commodity group representing their most • DIO (days inventory outstanding): year-end current important revenue. inventories net of provisions, divided by full-year pro Steel will be covered in a separate study, and commodity forma sales and multiplied by 365 (expressed as a trading companies have been excluded from our review number of days of sales, unless stated otherwise). Note Z][Ymk]g^l`]\a^Õ[mdlqg^Ykk]kkaf_l`]ajÉljm]Ê that some producers of copper, gold and silver also hold performance given the intertwined nature of their trading long-term inventories, including mill and lead stockpiles and mining and metals activities, and differences in and leach pads. ÕfYf[aYdj]hgjlaf_Yf\\ak[dgkmj]k& • DPO (days payable outstanding): year-end trade The insights are derived from an analysis of publicly payables, including VAT and adding back trade-accrued available annual sources of information, with the number of expenses (including accrued capital expenditure and companies shown next to each commodity group. royalties), divided by full-year pro forma sales and • Aluminium (6) multiplied by 365 (expressed as a number of days of • Coal (12) sales, unless stated otherwise). Note that for a number of UK plc companies, accruals reported separately in • Copper (16) accruals and deferred income have been added back to • Gold (16) trade payables. • Iron ore (9) • C2C (cash-to-cash): equals DSO, plus DIO, minus DPO • Potash (5) (expressed as a number of days of sales, unless stated • Nickel (3) otherwise) • Platinum (4) • Pro forma sales: reported sales net of VAT and adjusted • Silver (6) for acquisitions and disposals when this information is • Zinc (3) available O`ad]l`]Õf\af_kYj]ZYk]\gfhmZda[dqYnYadYZd]\YlY$l`] performance of individual companies is not discussed or disclosed. Any broader industry commentary is based on general sector and commodity group observations and not on views of any single organization. Cash in the ground: working capital management in the mining sector 12

Contacts Country/region Local contact Telephone/email Country/region Local contact Telephone/email Americas Steve Payne +1 212 773 0562 Mexico Guillermo Medina +52 55 1101 8445 [email protected] Torres [email protected] Australia Wayne Boulton +61 3 9288 8016 Nordics Peter Stenbrink +46 70 318 9426 [email protected] [email protected] Brazil Sergio Menezes +551125735626 UK&I Jon Morris +44 (0) 20 7951 9869 [email protected] [email protected] Canada Simon Rockcliffe +1 416 943 3958 Matthew Evans +44 (0) 20 7951 7704 [email protected] [email protected] China Yew Poh Mak +86 21 2228 3002 Marc Loneux +44 (0) 20 7951 3784 [email protected] [email protected] CIS Dmitry Lomilin +7 495 7059720 South Africa Quintin Hobbs +27 11 502 0794 [email protected] [email protected] India Ankur Bhandari +91 226 19 20590 US Edward Richards +1 212 773 6688 [email protected] [email protected] Latin America Matias De San Pablo +5411 4318 1542 [email protected] 13 Cash in the ground: working capital management in the mining sector

Cash in the ground: working capital management in the mining sector 14

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