Global Small/Midsized Mining Peer Comparison

...Sector Outlook Stable: Fitch Ratings' outlook for most Fitch-rated mining companies is stable as w eaker commodity prices, amid escalating trade tariffs and a strengthening U.S. dollar, w ill be offset by strong underlying fundamentals in most mining subsectors. Small to midsized miners are more vulnerable to depressed commodity prices and w eaker global macroeconomic fundamentals, due to smaller scale and typically less diversified operations, compared to larger mining competitors. Cost Position Critical: The ability to maintain low cost positions is crucial for small to midsized miners to continue long-term profitability and competitiveness. A low cost position allow s the small to midsized miners to sustain reasonable levels of cash flow generation, absent significant capex programs and/or aggressive dividend payments. Cost position is a key driver across Fitch's mining portfolio and is a supportive factor for investment-grade-rated issuers. Conversely, miners w ith uncompetitive or...

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