A diversified portfolio comprising 10 commodities produced in multiple countries Long reserve life for alumina, manganese, and coal Smaller scale and exposure to the lower margin metals and mining downstream sector compared with its large diversified peers' Strong market positions in global manganese ore, silver, and lead production, and coal in South Africa Exposure to foreign exchange movements and volatile commodity prices Low leverage underpinning its strong balance sheet Strong liquidity Modest growth in capital expenditure Our expectation of strong cash flow protection metrics for the remainder of 2017 and into 2018 The stable outlook on South32 Ltd. reflects our view that the company's strong balance sheet provides it with a comfortable financial cushion and rating buffer to pursue growth
