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    Alan Spence

    Senior Analyst at BNP Paribas Exane

    Alan Spence is a Senior Analyst at BNP Paribas Exane, specializing in equity research within the global metals and mining sector. He provides coverage of major listed companies such as Barrick Gold, First Quantum Minerals, Aurubis, and Antofagasta, and is known for producing in-depth research and price target recommendations, including recently downgrading Aurubis with a revised target price. Spence began his career prior to his current role in London and has established himself as a key industry voice through consistent coverage across prominent mining firms. His professional credentials and detailed performance metrics including rankings and returns are not publicly disclosed, but he is regularly cited in corporate disclosures and international financial media as a lead name in metals equity research.

    Alan Spence's questions to RIO TINTO (RIO) leadership

    Alan Spence's questions to RIO TINTO (RIO) leadership • H1 2025

    Question

    Alan Spence of BNP Paribas asked about the specific financial metrics, such as a minimum return on capital employed, that Rio Tinto uses to evaluate its assets for potential divestment. He also sought clarification on whether the reported 2% reduction in operational FTEs included contractors.

    Answer

    CEO Jakob Stausholm explained that the ultimate goal is creating Net Present Value (NPV), so improving a lower-performing asset can create value, and it's not about a single metric, though he was pleased three of four product groups have double-digit ROCE. CFO Peter Cunningham confirmed that the 2% reduction in full-time equivalents (FTEs) does include contractors.

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    Alan Spence's questions to RIO TINTO (RIO) leadership • H1 2025

    Question

    Alan Spence from BNP Paribas asked about the minimum return metric an asset must meet to remain in the portfolio and whether the reported reduction in operational FTEs included contractors.

    Answer

    CEO Jakob Stausholm explained that the primary goal is creating Net Present Value (NPV), so there isn't a single minimum profitability threshold for all assets. CFO Peter Cunningham confirmed that the 2% year-on-year reduction in FTEs was a comprehensive figure that includes contractors.

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    Alan Spence's questions to RIO TINTO (RIO) leadership • H1 2025

    Question

    Alan Spence from BNP Paribas Exane asked about the minimum return metric, such as ROCE, that assets must meet to remain in the portfolio and sought confirmation on whether the reported 2% reduction in operational FTEs included contractors.

    Answer

    CEO Jakob Stausholm explained that the ultimate goal is creating NPV, and improving any asset creates value, rather than adhering to a strict minimum return threshold. He noted that three of four product groups already have double-digit ROCE. CFO Peter Cunningham confirmed that the FTE reduction is comprehensive and includes contractors.

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    Alan Spence's questions to FREEPORT-MCMORAN (FCX) leadership

    Alan Spence's questions to FREEPORT-MCMORAN (FCX) leadership • Q2 2025

    Question

    Alan Spence of BNP Paribas asked for the expected internal operating cost of the new Indonesian smelter on a cents-per-pound basis once it is fully operational.

    Answer

    President & CEO Kathleen Quirk detailed that the smelter's direct operating cost is projected to be around 27 cents per pound. However, she clarified that after accounting for additional revenue from higher metal recovery (previously lost to third-party smelters) and the elimination of the export duty, the net cost benefit to margins is estimated to be around 15 to 16 cents per pound.

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    Alan Spence's questions to FREEPORT-MCMORAN (FCX) leadership • Q2 2025

    Question

    Alan Spence from BNP Paribas asked for the estimated internal operating cost of the new Indonesian smelter on a cents-per-pound basis.

    Answer

    President & CEO Kathleen Quirk estimated the new smelter's operating cost at approximately 27 cents per pound. She clarified that after accounting for additional revenue from higher metal recovery (around 2.5%), the net cost impact is closer to 15-16 cents per pound. Furthermore, the elimination of the export duty will provide an additional margin benefit.

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