Overview Key strengths Key risks Large scale and diversified commodity portfolio (coal, copper, zinc, nickel, and cobalt), with defensive cost positions. The cyclical and capital-intensive mining industry, with structural changes in demand over the medium and long term. Diversification of commodity trading (25%-40% of free cash flows), which tends to smooth the cyclicality of mining activities. Higher exposure, compared with peers, to emerging countries, including the Democratic Republic of the Congo (DRC). A good track record of a prudent financial policy with a flexible spending mechanism and low debt target. Similar to other miners, heightened pressure on environmental, social, and governance (ESG) issues. We expect S&P Global Ratings-adjusted EBITDA to drop to about $19 billion-$20 billion in 2023 and normalize
