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 among the largest copper producers. Initially, XTA was acquisition driven however it plans to grow organically moving forward. 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).