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    Amos Fletcher

    senior analyst at Barclays

    Amos Fletcher is a senior analyst at Barclays, specializing in equity research within the metals and mining sector, with coverage of major companies such as Vale SA, Ferrexpo, and Norsk Hydro. He has established a track record reflected by an average return of 0.7% and a success rate of 53.87% on recommended stocks, with recent notable calls including a Buy rating for Vale SA and maintaining coverage of other international mining firms. Fletcher has been a recognized sector analyst at Barclays at least since 2021, drawing on extensive industry experience and sector knowledge gained through years of dedicated metals and mining research. His professional credentials include regular coverage of publicly traded firms and the issuance of investment recommendations for institutional investors in compliance with industry regulations.

    Amos Fletcher's questions to Vale (VALE) leadership

    Amos Fletcher's questions to Vale (VALE) leadership • Q2 2025

    Question

    Amos Fletcher asked for more detail on the mechanics of using derivatives for share buybacks and whether the recent departure of Marc Cudafani from Vale Base Metals (VBM) signals a change in the division's long-term strategy.

    Answer

    Marcelo Bacci, Executive VP of Finance & IR, clarified that using derivatives is an option to manage cost of capital and cash flow, but the decision to execute buybacks still depends on fundamentals. CEO Gustavo Pimenta stated there is 'no change in strategy' for VBM, explaining that Mr. Cudafani's role was designed to be temporary to establish the asset review and team, a goal which has been achieved.

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    Amos Fletcher's questions to Vale (VALE) leadership • Q2 2024

    Question

    Amos Fletcher of Barclays PLC inquired about the potential size of the working capital release in the second half of the year and asked for the main drivers behind the significant guided increase in H2 nickel production.

    Answer

    Executive Gustavo Duarte Pimenta indicated that there is a possibility to revert most, if not all, of the negative Q2 working capital impact, with a stronger Q3 expected. Vale Base Metals Chairman Mark Cutifani detailed the drivers for the H2 nickel production increase, citing a pickup of 10,000-15,000 tons from Sudbury, better performance at Thompson and Voisey's Bay post-maintenance, and a stronger contribution of at least 10,000 tons from Onça Puma.

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    Amos Fletcher's questions to RIO TINTO (RIO) leadership

    Amos Fletcher's questions to RIO TINTO (RIO) leadership • H1 2025

    Question

    Amos Fletcher of Barclays inquired about the company's comfort level with its gearing, which has risen following the Arcadian acquisition, and whether there is an intention to bring it down over time.

    Answer

    CFO Peter Cunningham stated that the company is comfortable with the current gearing ratio of 19%, viewing it as appropriate for the balance sheet's current size and cash flow generation. He emphasized that maintaining a single A credit rating provides flexibility to manage cycles, invest according to strategy, and deliver shareholder returns without needing to deleverage from this level.

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    Amos Fletcher's questions to RIO TINTO (RIO) leadership • H1 2025

    Question

    Amos Fletcher of Barclays asked if the company is comfortable with its current gearing level following the Arcadian acquisition or if it intends to reduce it over time.

    Answer

    CFO Peter Cunningham affirmed that the company is comfortable with the current 19% gearing ratio, viewing it as appropriate for the balance sheet's size and supportive of the 'A' credit rating. He stressed that this level provides flexibility to manage cycles, invest in strategy, and deliver shareholder returns.

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    Amos Fletcher's questions to RIO TINTO (RIO) leadership • H1 2025

    Question

    Amos Fletcher from Barclays inquired about the company's comfort level with its current gearing ratio, which is higher following the Arcadian acquisition, and whether there is an intention to reduce it over time.

    Answer

    CFO Peter Cunningham expressed comfort with the current gearing ratio of 19%, noting that the balance sheet and cash flows are significantly larger than in the past. He emphasized that maintaining an 'A' credit rating provides the flexibility needed to manage cycles, execute strategy, and deliver shareholder returns without needing to deleverage from this level.

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