Exposure to the cyclical and capital-intensive mining industry. Most assets are located at the median part of the global unit cash cost. Asset concentration in emerging markets, notably South Africa. Portfolio is undergoing a transformation, with future focus on diamonds, copper, and platinum. Strong liquidity, enabling repayment of its maturities without the need to tap the capital market over the short term. A substantial divestment program, with a potential positive impact on the company's credit metrics. Expectation of positive discretionary cash flow in 2016 and in 2017. Substantial minority holdings leading to cash leakage when cash is upstreamed to the parent level. The stable outlook reflects Anglo American PLC's strong liquidity, which provides time to implement its divestment and restructuring
