Long-life asset base and large scale of operations. Exposure to the cyclical and capital-intensive mining industry. Most assets are located at lower half of the global unit cash cost. Asset concentration in emerging markets, notably South Africa. Strong liquidity, enabling repayment of its maturities without the need to tap the capital market over the short term. Dividend policy is expected to be reinstated later this year. Expectation of positive discretionary cash flow in 2017 and in 2018. Substantial minority holdings leading to cash leakage when cash is upstreamed to the parent level. The positive outlook reflects that we could raise the ratings on Anglo American PLC (Anglo) to 'BBB-' from 'BB+' in the next 12 months. An upgrade would be
