Anglo American PLC continues to reshape its portfolio, with its recent exit from the thermal coal business; the expected commissioning of Quellaveco and other small projects; and reducing its exposure to specific countries, notably South Africa. In addition, the company's profitability improved materially, with its iron ore and copper divisions in line with, or better than, its peers. We therefore affirmed our 'BBB/zaAAA' ratings on Anglo American and revised the outlook to positive from stable. The positive outlook indicates a potential upside to the rating in the next six to 12 months, with the commissioning of Quellaveco and improved visibility on the geographical free cash flow contribution, starting 2023. Absolute scale: In each of the commodities (excluding PGM and diamonds),
