A leading, diversified metals and mining group that has global scale and scope Strong market positions in attractive segments, including platinum and copper Ongoing business restructuring seen as positive due to strengthening profitability Conservative financial policy, despite buybacks Strong cash flow generation and low debt, supported by strong market conditions Inherently capital-intensive, cyclical, and volatile mining industry Persistent industrywide cost pressures Restructuring will lower diversity and lead to potentially more volatile cash flow generation Rising capital expenditures and shareholder capital returns Sizable portion of assets located in South Africa The ratings on U.K.-based diversified mining group Anglo American PLC (Anglo) reflect its strong positions in attractive market segments, notably in platinum and copper, supported by strong cash flows, low debt,
