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PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
www.pwc.com
Operating a Cost Effective Mine
May 22, 2013
Session Agenda
Introduction and Background Focus Area 1: Extraction and Processing Focus Area 2: Sourcing and Procurement Focus Area 3: Maintenance Approach to operating a cost effective mine Questions & Discussion
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 3
Its been a blast.
Gold Price versus Cash Cost by Region 2005-2011
You should always have the philosophy of working together to do the best you can. In many cases, that philosophy is lost if you are protected by high grades or highquality assets. That imperative is lost.
Mark Cutifani, CEO Anglo American
Australia Financial Review, March 08, 2013
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 4
With concerns of prices falling and costs rising....
Miners are having to contend with rising costs in every facet of the business, from the energy and materials they use to build and maintain mines, to the people and equipment needed to work them and the U.S. dollars to pay for them. Cost issues do not discriminate by the metal produced or the size of the miner.
The big question now is how miners manage at a time of falling revenue and increasing cost pressures.
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 5
...improving productivity is the talk of the town
This is an opportunity to say, can we make do with less and do more.
Weve put an extreme focus on issues of productivity and capital discipline.
Peter Marrone, CEO Yamana Gold
Yamana Annual General Meeting, April 30, 2013
Andrew MacKenzie, CEO BHP Billiton
Australia Financial Review, March 08, 2013
Lower costs and rising production can [and must] live together in a lower gold price environment.
We will spend the minimum amount of capital required to maintain the economic potential of these assets.
Alec Kodatskym, CIBC World Markets Analyst
National Post, May 02, 2013
Jamie Sokalsky, CEO Barrick Gold
Globe and Mail, February 14, 2013
May 2013 6
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
Keys to operating a cost effective mine
Asset productivity
Capital productivity
Labour productivity
Why
Increase output and decrease costs Improve return on capital employed
Optimise investment portfolio for profitable assets
Skills shortages have been driving rising labour costs
How
Operations planning and control Asset utilisation Operational cycle times Maintenance Asset reliability and availability
Ensure internal rigour in the CAPEX review process Get the parameters for financial modelling right Get the level of investment right
Identifying sources of talent Disciplined workforce planning Develop employee value propositions with a focus beyond monetary incentives
What
Real output($) per resource
Real output($) per unit of capital services($)
Output generated per hour of work undertaken. It is measured in dollars of gross value added (GVA) per hour 4
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
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The Mining Value Chain
Core Activities
Exploration
Program Planning Drilling Efficiency Quality Block Model
Extraction
Mine Planning Mine Optimisation Fleet Productivity & Fit
Processing
Plant Optimisation Process Control Capacity Planning Metallurgy
Logistics
Intermodal Optimisation Procedural Review Capacity Analysis
Discreet Activity Solutions
Cross Activity Solutions
Environment, Health, Safety and Finance and Cost Management Community Human Resources Maintenance Strategy & Outsourcing Execution Shared Services Supply Chain Optimisation Continuous Improvement Warehouse & Logistics Technology and Enterprise Optimisation Applications
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 8
Focus area 1: Extraction and Processing
Exploration
Extraction
Processing
Logistics
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 9
High Level Overview: Extraction and Processing
Extraction
Drill Blast Load Load broken ground into trucks Haul
Prepare ground for blasting
Break the ground
Haul ore and waste
Processing
Crushing Grinding Sizing Separation Concentration Disposal
Reduce size to allow liberation of the material (Comminution)
Separate wanted and unwanted material
Concentrate wanted material into a transportable form
Dispose of the unwanted material (Tailings)
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 10
Operations Performance Drivers
Operational factors Asset Utilisation Performance Drivers Planning and coordination issues Equipment scheduling & placement Operating protocols (formal & informal) Metallurgical & geological interpretation Grade control & mill feed variability Mine sequencing and scheduling Short term versus long term objectives
Influencers
Productivity
Mine Planning
Operational Cycle Times Objective Operational Effectiveness
Variations in cycle time Cause-effect analysis Operating protocols Maintenance/ operations communications Operating protocols Plan compliance Capacity planning and execution Match of fleet/ plant to process Maintenance effectiveness De-rating due to maintenance MTTR and MTBF Operator training & awareness Operator competency Early problem identification Strategic Sourcing Supplier performance Service performance to business
Operations Planning and Control
Equipment effectiveness Capital Cost Maintenance losses & effectiveness Life-Cycle Cost Maintenance Cost
Operational losses & effectiveness
Operating Cost
Sourcing & procurement process
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 11
Getting one stage wrong leads to inefficiencies in the following stages of the extraction process
Process
Drill Prepare ground for blasting Blast Break the ground Issues can add 10 to 25% to downstream costs through: Damage to fleet, ore body, mine plan Inefficient processing Waste of explosive Re-work Load Load broken ground into trucks There needs to be sufficient stock of broken ground to: Deliver preferred material blend to processing plant Achieve sizing within specification Ensure effective cycle time and utilisation of fleet Haul Haul ore and waste Critical success factors: Loading efficiency matching haul truck size with loader size Operational efficiency matching fleet disposition and mine plan Avoiding queuing at the loader or dump/ crusher Avoiding double-dipping from inefficient loading practices Reducing tire impacts from road conditions Reliability from schedule and plan compliance
May 2013 12
Inefficient loading can consume large amounts of capital and drive the operation up the cost curve
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
Improving equipment utilisation increases productivity
Lets look at a single truck
Total time (8760 hours) Scheduled time (Loading %) Available time Operating time Effective operating time Actual effective production time Loss Loss 1 Loss 2 Loss Loss Loss Scheduled non-operating time (holidays, etc)
Non-available time (planned maintenance, servicing, etc and unplanned maintenance down time)
Non-operating time within available time (training, shift changes, etc)
1 Lost production rate due to operational matters (eg queuing due to unlevel production flow) 2 Lost production rate due to maintenance matters (eg equipment partially broken)
Quality losses (eg ineffective blasting creates rock sizes too large)
A 10% improvement is equivalent to increasing your fleet size by 10% without purchasing any new equipment.
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
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Utilisation Example: Fleet of 22 haul trucks improvements
Fleet of 22 haul trucks
Total time (192,720 hours) Scheduled time (Loading %) Available time Operating time Effective operating time Actual effective production time Loss 6 Loss 4 Loss 5 19% Loss 3 10% Improvement in process bottlenecks, operator training and equipment suitability Loss 2 Loss 1 15% Improvement in maintenance strategy, practices and unplanned vs planned mix
Equivalent haul trucks 4 (18%)
Est. Opex Value $m pa 10
Est. Capex Value $m 18
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 14
Opportunities for improvements through elimination of process waste
Waste to reduce Transportation Problems / Causes Moving stockpiles Stockpiling low grade ore Re-handling material Moving test samples Re-handling material Unplanned downtime Delays at the primary crusher Assay information Excess powder factor Poor ore control Grade control Inconsistent feed grade Variability in recovery Low grade concentrate High levels of impurities Process control failures High material stockpiles Excess MRO inventory (SL/OB) Poor inventory control and turns Limited tools or authority available to employees to carry out basic tasks Lost ideas or knowledge
Motion
Before After
Waiting
Overproduction
Time
Value Added Work Non Value Added Work = Waste
Processing
Defects
Inventory
Unused Creativity
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
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Example: Impact of haul truck cycle time performance
Fleet of 46 haul trucks Actual site average = 33.1 minutes per cycle
6.2 minutes
4.2 minutes
12.0 minutes
2.1 minutes
9.6 minutes
Wait at shovel
Load
Travel loaded
Dump
Return to shovel
1 minute Potential latent capacity:
2 minutes
1 minute
Leading practice targets
5.2 mins
2.2 mins
1.1 mins
Total potential latent capacity = 8.5 mins per cycle 25% reduction in cycle time Equivalent to ~12 haul trucks Opportunity Reduce Opex/ Maintenance Costs and/ or Defer Capital Expenditures
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 16
Focus area 2: Sourcing and Procurement
Exploration
Extraction
Processing
Logistics
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 17
Operations Performance Drivers
Operational factors Asset Utilisation Performance Drivers Planning and coordination issues Equipment scheduling & placement Operating protocols (formal & informal) Metallurgical & geological interpretation Grade control & mill feed variability Mine sequencing and scheduling Short term versus long term objectives
Influencers
Productivity
Mine Planning
Operational Cycle Times Objective Operational Effectiveness
Variations in cycle time Cause-effect analysis Operating protocols Maintenance/ operations communications Operating protocols Plan compliance Capacity planning and execution Match of fleet/ plant to process Maintenance effectiveness De-rating due to maintenance MTTR and MTBF Operator training & awareness Operator competency Early problem identification Strategic Sourcing Supplier performance Service performance to business
Operations Planning and Control
Equipment effectiveness Capital Cost Maintenance losses & effectiveness Life-Cycle Cost Maintenance Cost
Operational losses & effectiveness
Operating Cost
Sourcing & procurement process
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 18
End to End Supply Chain Process
Plan Source Manage Deliver Repair
Category Management
Levers Strategic Sourcing & Demand Management
Deep knowledge of external supply markets and internal demand profile
Enablers Change Management
Conduct Fair Process with organization stakeholders to align requirements and generate innovative alternatives
Process Improvement
Systematic application and design of streamlined processes to drive compliance and maximize value realized
Technology Enablement
Complement processes with technology to accelerate cost savings delivery
Strategic Sourcing & Demand Management Process
Baseline Strategize Engage Deliver Evolve
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 19
Sourcing and Procurement Value Creation
Area Initiative Impact on Shareholder Value Opex & Capex Opex & Capex Opex & Capex Opex & Capex Asset Turnover Value Driver
Strategic Sourcing Contract Management Transactional Purchasing Supplier Management Inventory Optimization
Spend visibility/ analysis Sourcing events Collaborative procurement across sites Manage SLAs and contract compliance Use of standardized contracts Purchase-to-Pay (P2P) process optimization Technology enablement Establish balanced scorecard with critical suppliers Drive continuous improvement initiatives Inventory strategy Obsolescence management Stock-out reduction Consignment & Vendor Managed Inventory Critical spares planning PM planning
8-15+% savings on 3rd party goods & services Strategic enabler Strategic enabler
Strategic enabler
10-20% inventory reduction
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 20
Supply Chain Maturity Model Visibility, Analytics and Beyond
Supply Chain, Supplier and Customer Integration Cross supply chain integration with toolset enablement Deep supplier and customer integration
12 14+
Value Creation as a % of Total Enterprise Spend
Leveraging shared service delivery models Industry leaders are here Portfolio and Category Management Focus on demand and supply integration Focus on end-to-end TCO
Value Chain Integration
Category Management
Strategic Sourcing and Procurement Business influence and focus Supply side TCO focus
8 - 12%
Strategic Sourcing
Most companies are here
3 8%
Spend Analytics Spend Visibility
Leveraging Spend for Value Creation Focus on analyzing spend for value creation opportunities Understanding spend for leverage purposes
Spend Visibility and General Procurement Generating enterprise wide spend visibility with drilldown capability Understanding how and where the organization is spending
0 3%
Innocence
Awareness
Understanding
Competence
Excellence
May 2013 21
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
Sourcing and Procurement Example: Spend visibility leads to significant opportunities
Background Large, publicly traded, mining client, leader in its industry. Three business units totaling approximately $2.0B in revenue across sixteen mining sites and three geographies. Grown through acquisitions over a period of years resulting in legacy systems, data and processes. Near impossible to answer one simple question: how much do we spend on x. Approach and results Completed a high level spend analysis. Identified major opportunities across the spend categories and quick wins in several categories. Bearings Category: 10% for brand standardization + 10% for product change + 26% to 80% for engaging in a supplier repair program. Electrical Category: 12 to 18% by aggregating volume into existing agreements while also securing immediate commitment of supplier to set up on-site VMI at no cost.
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
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Focus area 3: Maintenance
Exploration
Extraction
Processing
Logistics
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 23
Maintenance Performance Drivers
Operational factors Administration Performance Drivers Effective maintenance management Communications with ops and planning Supplier performance Supply & materials performance Facilities and resources effectiveness Supply cycle time performance
Influencers Equipment Availability
Logistics
Maintainability (MTTR) Objective Reliability (MTBF) Asset Effectiveness Preventive & Predictive Mtce CapitalCost Planned Corrective Mtce Life-Cycle Cost
Maintenance, planning & scheduling performance Availability of skilled workforce Equipment design & usage Effective preventive/ predictive Maintenance Equipment ownership and operator care Root-cause and reliability analysis Availability of skilled workforce
Balance of maintenance tactics Reliability and predictability Planning and Scheduling effectiveness Planning and scheduling Effectiveness Materials management & communications Effective preventive/ predictive Maintenance Effective preventive/ predictive maintenance Maintenance, planning and scheduling Ops/ maintenance communications Effective preventive/ predictive maintenance Ops/ maintenance responsiveness and learning
Maintenance Cost Unplanned Corrective Mtce
Operating Cost
Breakdowns
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 24
Maintenance has far reaching impacts on productivity
Maintaining plant, fleet, facility and equipment represents a major portion of operating costs, typically from 30 to 50%. This does NOT include the cost of process interruption, slowdown or scrap - resulting in lost revenue. Most mining operations run at <70% operating effectiveness because of breakdowns, idling, recycling.
Maintenance impact
Effective production time
Cost of asset ownership
Site overhead costs
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 25
Maintenance has far reaching impacts on costs
Maintenance Plan
Production Plan
Financial Plan
Identify Work
Plan Work
Schedule Work
Analyze Work
Execute Work
Assign Work
Unplanned Maintenance is 1.5 to 3 times the cost of planned maintenance. Emergency Maintenance is 3 to 9 times the cost of planned maintenance. PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
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Using high and low tech to achieve the work we need to do
Proactive Preventive Maintenance use time or usage based restoration or replacements to avoid failures. Predictive Maintenance use condition monitoring to look for failures that have begun but havent progressed too far. Detective Maintenance use testing to look for things that have already failed in dormant systems. Reactive Run-to-failure where you can tolerate the losses incurred or it is used as a default if you dont to anything proactive.
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 27
Using the right Maintenance tactics
Maintenance must be able to define and perform the tactics required. This requires both technology and trained resources. Maintenance tactics include:
Run-to-Failure Spare Run-to-Failure Usage-Based PM
Re-design (Bumper) Time-Based Failure Finding Test (Exhaust) Usage-Based Inspection (Brakes)
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
On-Condition
May 2013 28
Maintenance needs fixing to drive bottom line profits
Asset Management Strategy Asset standardisation Asset investment planning Accurate asset database and hierarchy Technical content Asset condition Asset performance Maintenance Program Asset criticality ranking Reliability-based Reliability-centred maintenance on critical assets Preventative maintenance optimisation or Maintenance task analysis on less critical assets Work Execution People and skills Processes and structure Permitting and work clearance management Systems and data Performance Measurement Business intelligence and reporting EAM balanced scorecard Dashboards and drilldown Push reporting Role-based metrics
EAM Effectiveness Reliability-based right task at the right time
EAM Efficiency Wrench time: Lean and optimised execution of maintenance tasks
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 29
Maintenance Example: Impact of unplanned work
Unplanned work is typically 1.5 to 3 times the cost of planned/PM work Inappropriate skills or contractors used Other planned scheduled work is disrupted Downtime searching for required parts available, on-site Expedite costs for required parts not available Informal and intuitive work procedure Rushed or unclear verbal instructions Rough sketches rather than standard drawings Ad hoc safety/ risk issue coverage Overtime costs and worker fatigue Repeat repairs and job quality issues Longer repair time because of increased job set-up time Opportunity Incomplete records for analysis
Current State Maintenance Spend of $56.7 m Planned Unplanned 45% 55% $20.o m $36.7 m
Improved Ratio Maintenance Spend of $51.1 m Planned Unplanned 70% 30% $31.1 m $20.0 m
Improved Ratio Maintenance Spend of $48.8 m Planned Unplanned 80% 20% $35.5 m $13.3 m
14% reduction in Maintenance spend Equivalent to ~$8m in Opex
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
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Approach to operating a cost effective mine
Exploration
Extraction
Processing
Logistics
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
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Foundations for Operating a Cost Effective Mine
An Operating Strategy that reflects the Vision & Mission. An effective mechanism to link strategy with Planning. Robust mechanisms to Operationalize the plan. Targets and Measures as part of the planning process. Data and Tools to measure performance. Reward/Recognition Programs to create an environment for sustainable performance. It is fundamentally about changing the organizations Culture.
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 32
Common Challenge to Operating a Cost Effective Mine
Some mining companies today are successful in capturing and accessing data, transforming data into business information, and making data available to users, however
Data Production Costs Maintenance Labour Supplies
Information Reports Analysis
Gap
Action Management decisions Actions
Value Lower costs Increased Productivity Improved predictive capabilities
they are not as successful in directly linking information to action, and its corresponding value.
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
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Other Common Challenges
Supplier bases are fractured and not strategic. Pricing is often never challenged and charges for expedited materials may be excessive. Budgets are based on previous years spend + 10%-15% with little to no understanding of spend, cost drivers or true should cost of performance. Contracting costs are not understood or available (services, maintenance, turnarounds, etc). Cost reduction gains are not sustainable if the business does not improve its cost culture for managing spend (e.g., controls, budgets, information). Experienced operators and managers are retiring or leaving at an accelerate pace. Ad-hoc planning centred around this experience and done in the absence of rigorous process has become the culture.
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 34
Common Approaches and Reason for Failure
Common Approach Top-down review of the business typically organization and process changes are required Common Reasons for Failure Little consideration for the management decisions driving cost Organization focus and betting on a silver-bullet (e.g., shared services or contracting) Complexities of reducing costs and existing behaviours are not changed
Top Down
Slash and Burn
Business as usual but at less cost due to reduction in operating plans by a set target (e.g., 10% cost reduction)
Reactive and focused on survival, based on arbitrary targets Short-term cost cutting and focus on one-off savings (e.g., travel) Savings difficult to manage and track Negative impact on morale and culture
Boil the Ocean
A bottoms-up detailed analysis across all departments to identify potential opportunities
Timeframe constraint and lack of urgency Typically loses momentum and focus Negative impact on morale and culture Process often only produces lists
The focus needs to be on waste and outcomes, eliminate bad costs and support or even increase good cost
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 35
What are leading Mining Companies doing?
Leading Practice
Description
Common platform and common language that is understood by both Finance and Operations to better understand performance Develop a better understanding of financial and operational performance, major variances against budget and uncover operational issues Timely access to reliable information A rigorous cost review process at multiple levels in the organization that identifies operational issues before they become major problems A solid capability to reforecast expected business performance on a periodic basis so that surprises do not occur Sufficiently disaggregate periodic performance results so that accountability can be assigned Strong focus on tracking performance improvement actions to ensure that improvements are realized Foster a culture of continuous improvement where all levels of the business from Operator to Executive are continually focused on business improvement and managing costs
A single point of truth
A cost review process
Accountability for performance
Culture of continuous improvement
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 36
Leading Cost Review Process
Key Elements of Leading Practices
Most variance analysis focuses on costs and operational KPIs separately. Leading practice approaches combine the two, with cost performance the outcome of the underlying operational performance. Much variance analysis focuses on the what, how much and then why. Leading practice approaches automatically show the why. Leading practice approaches are action focused, not explanation focused, driving a culture of continuous improvement.
3. Determine Causes of Major Variances
4. Define Mitigation Projects/ Action Steps
2. Identify Major Variances Against Plan 1. Collate and Analyze Monthly Results
5. Monitor and Track Progress of Action Steps
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 37
Leading Change Management
1. People, then process, then systems 2. Operations, then functions 3. Knowledge transfer throughout to encourage sustainable change
Establish Sense of Urgency Develop a Clear Vision Break Down Barriers Secure Short Term Wins
Create a Coalition
Share the Vision
Keep Moving
Anchor the Change
Key Focus Areas: Clearly defined and articulated vision Focus on key drivers (breakthrough and business fundamental initiatives) Continuous improvement mindset Cross functional teams Root cause analysis and error proofing Standardized work KPIs, dashboards Celebrate success and align compensation to desired behaviors Encourage creativity and employee contributions
Kotter Change Model: Change Management Leading Practices
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 38
How cost effective are your mines?
Value Killers Setting reactive and arbitrary cost targets Lack of transparency of key cost and value drivers Building financial plans on a last year plus basis Wasting too much time on analyzing perceived best possible solutions Operating managers receiving weak cost information from financial analysts Value Builders Strong direction from the C-suite for managing costs Clear ownership of costs at the operational level Frequent cost analysis dialog between finance and operational managers Effective communications to reduce staff resistance Culture of continuous challenge of operating cost assumptions and discretionary spend levels
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 39
"It ought to be remembered that there is nothing more difficult to take in hand, more perilous to conduct, or more uncertain in its success, than to take the lead in the introduction of a new order of things. Because the innovator has for enemies all those who have done well under the old conditions, and lukewarm defenders in those who may do well under the new. Niccol Machiavelli 1469 1527
PwCs 16th Americas School of Mines
May 21-24, 2013 Los Cabos, Mexico
May 2013 40
Thank you
Contact
Joe Rafuse e-mail: [email protected] Office: (416) 941-8447
Rob Novotny e-mail: [email protected] Office: (416) 941-8383 ext. 16057
This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
2013 PricewaterhouseCoopers, S.C. All rights reserved. PwC refers to the Mexico member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.
