This report does not constitute a rating action. Overview Key strengths Key risks Strong competitive position in the zinc business, and significantly improved position in the aluminum business. Exposure to volatility in commodity prices. Oil business, while small, is cost competitive and provides diversification from metals. Still-inefficient corporate structure with a leveraged holding company, despite improvements. Record of refinancing and debt servicing through different commodity cycles and challenging funding conditions. Appetite for debt-financed acquisitions to support growth could weigh on financial flexibility The company secured a syndicated loan facility of US$500 million in June 2025 and subsequently raised US$500 million in bonds in October 2025. The company used the bond proceeds and a portion of the current undrawn syndicated loan
