Paid when we said we would pay.

On assay confirmation, usually within days of the metal reaching us, in dollars or local currency through a bank in the producing country or offshore.

Producers with a track record can be part-paid against delivery and can sell forward under a pricing formula agreed in advance. That gives a mine or cooperative the working capital to keep producing without selling into the local market at a discount.

Where we invest in a mining partnership, plant and working capital are structured as a facility repaid from production under the offtake. The repayment profile is written down so the partner can model it.