Xstrata Plc (XTA) is a diversified metals and minerals mining company with production of copper, coal (thermal & coking), ferrochrome, nickel, vanadium and zinc. Globally, XTA is the largest thermal coal exporter and 4th largest copper producer with revenue dominated by copper (46%) and coal (26%). Initially, XTA was acquisition driven however it plans to grow organically moving forward. Furthermore, expansionary capex is projected to peak at GBP 4bn (2011 & 2012) with GBP 12bn planned to 2014 leading to targeted production volume growth of 50% compared to 2009. Sales to end-user construction, infrastructure and electricity generation sectors (~50% revenue 2010) give XTA leverage to the industrialization and urbanization of India, Brazil and China. This, along with the US showing signs of recovery will prove a key growth driver of earnings. Key risks include global growth particularly in developing nations and foreign exchange. XTA remains vulnerable to commodity price volatility and mining cost inflation (labour, material and fuel costs).