Metals & Mining: Bringing Capital Discipline to a Multi-Site Expansion

A metals producer's ambition outran its cash conversion cycle. We sequenced the multi-site expansion against commodity cyclicality — staging CAPEX, hedging input exposure and protecting covenants through the trough.

The disciplined phasing preserved the balance sheet and let the company add capacity without over-leveraging into a down-cycle — capacity that compounded when prices turned.