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 •