World's second-largest diversified metals and mining group, with low-cost asset base; Very strong market positions, including platinum, diamonds, and coal; Strong financial profile and conservative financial policy; Strategic review process expected to strengthen business and financial profiles; and Coverage of debt outside South Africa by cash flows generated in other markets. Inherently capital-intensive, cyclical, and volatile nature of the mining industry; Large minority shareholdings in some businesses; and Sizable portion of asset base located in South Africa and exposure to the South African rand. The ratings on U.K.-based mining group Anglo American PLC reflect its strong business risk profile as the world's second-largest diversified metals and mining group and its modest financial risk profile. Anglo benefits from very strong market
