Long-life asset base and large scale of operations. Key assets are located at the median part of the global unit cash cost. High degree of commodity diversification. Exposure to cyclical and capital-intensive mining industry. Asset concentration in emerging markets, notably South Africa. "Strong" liquidity, enabling repayment of its maturities without the need to tap the capital market over the short term. Expectation of negative discretionary cash flow in 2015 and in 2016. Substantial minority holdings in its key iron ore and copper operations. A substantial divestment program, with a potential positive impact on the company's credit metrics. The stable outlook on Anglo American PLC reflects Standard&Poor's Ratings Services' view of the limited downside to the rating over the
