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