A strong, low-cost, and diversified mining asset base; Very strong global market positions in platinum and diamonds; A diversified end-user customer base; A conservative attitude toward debt and a very strong financial profile; A currency cost base (South African rand) that has historically moved down against the dollar and which should remain a hedge against low commodity prices, which are overwhelmingly priced in U.S. dollars; and Adequate coverage ratios of debt outside South Africa by cash flows outside the country. Highly cyclical and capital intensive industries; Strong correlation to the world's GDP in end-markets, with particular exposure to luxury markets; Significant dependency on platinum; and Significant dependency on South Africa. The ratings on U.K.-based mining group Anglo American PLC (Anglo)
