Abstract
<jats:p>Volatility in global mineral prices creates a systemic risk of disruption to the operating cycle of mining companies, leading to accumulation of accounts receivable and a working capital deficit. This paper examines factoring of receivables as a mechanism for stabilizing cash flow and ensuring production continuity of mining companies. The objective of the study is to make a quantitative assessment of the factoring operations based on the key operating cycle parameters of mining companies in conditions of price shocks for exported resources. The study hypothesizes that using factoring of receivables statistically significantly shortens the cash conversion cycle of mining companies and reduces the likelihood of cash flow gaps when the mineral commodity prices fall by more than 15% from the annual average. The methodological framework includes regression analysis of the panel data, stress testing of financial models, and the calculation of the price volatility indices for key commodity categories. The empirical base includes financial statements of 42 Russian mining companies for 2019–2024 and data from the Association of Factoring Companies. The results show that introduction of factoring shortens the cash conversion cycle by an average of 18.7 days (from 94.3 to 75.6 days), reduces the share of overdue accounts receivable by 12.4 percentage points, and decreases the need for loan reduction by 23.1%. The correlation coefficient between the price volatility index and the cash gap duration decreases from 0.74 to 0.41 when using non-recourse factoring. A non-linear relationship was established between the factoring efficiency and the company size, i.e. the maximum effect is observed at the annual revenues of 5–25 billion rubles. The obtained results expand the impact of working capital management in the resource-producing industries and justify integration of the factoring tools into the anti-crisis financial management system of mining companies.</jats:p>