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    Camilla Barder's questions to Companhia Siderurgica Nacional SA (SID) leadership

    Camilla Barder's questions to Companhia Siderurgica Nacional SA (SID) leadership • Q1 2025

    Question

    Camilla Barder of XP Investimentos asked if the challenging environment of tariffs and interest rates could alter the company's capital allocation mindset and how much of the 2025 CapEx could be deferred. She also requested details on the maintenance of blast furnace 2.

    Answer

    An unnamed executive stated that capital allocation is a critical daily exercise, with a focus on high-return projects that improve efficiency rather than expand capacity. Regarding blast furnace 2, another executive explained the decision to halt it was based on the uneconomical cost of buying pellets and coke. The furnace is undergoing maintenance and can be brought back online within 2-3 months, but only under more favorable market conditions and a government response on competitive isonomy.

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    Camilla Barder's questions to Nexa Resources SA (NEXA) leadership

    Camilla Barder's questions to Nexa Resources SA (NEXA) leadership • Q1 2025

    Question

    Camilla Barder asked for management's view on the impact of low benchmark treatment charges (TCs) on Nexa's results and questioned how the company's leverage, which rose in Q1, is expected to evolve by year-end.

    Answer

    CEO Ignacio Rosado stated that the impact of the low $80 TC benchmark is mitigated for 2025 because most of Nexa's contracts were already closed, many under multi-year terms. CFO José Carlos del Valle Castro addressed leverage, explaining the Q1 increase to 2.1x was an expected seasonal effect from working capital outflows. He reaffirmed that this trend should reverse, with leverage expected to return to a level equal to or slightly below the 1.7x reported at year-end 2024.

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    Camilla Barder's questions to Nexa Resources SA (NEXA) leadership • Q4 2024

    Question

    Camilla Barder inquired about quantitative estimates for Aripuana's 2025 EBITDA and free cash flow, the CapEx for its fourth tailings filter, and the resulting capacity increase. She also asked for details on the Cerro Pasco project's CapEx, startup risks, and financing.

    Answer

    CEO Ignacio Rosado explained that projecting Aripuana's EBITDA is difficult due to price volatility but expects positive cash flow and higher EBITDA in 2025 versus 2024. He noted the new filter will allow full capacity by Q1 2026. For Cerro Pasco, he detailed the ~$140 million total CapEx, with $85 million for the tailings pumping system, and outlined the 2-3 year project timeline, with construction starting in Q2 2025.

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    Camilla Barder's questions to Southern Copper Corp (SCCO) leadership

    Camilla Barder's questions to Southern Copper Corp (SCCO) leadership • Q1 2025

    Question

    Camilla Barder from Bradesco BBI asked if the company would alter its 2026 production plan to mine lower grades if prices remain high, and requested the cash cost expectation before by-products for 2025.

    Answer

    Raul Jacob (executive) responded that long-term mine plans are not altered by short-term price changes and are based on a conservative $3.30/lb copper price. Regarding costs, he explained that the cash cost before by-products has decreased due to productivity gains, even with the inclusion of the new Buenavista zinc concentrator's costs, which is currently focused on zinc-only production to maximize value.

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    Camilla Barder's questions to Southern Copper Corp (SCCO) leadership • Q1 2025

    Question

    Camilla Barder from Bradesco BBI questioned if high copper prices might lead to altered 2026 production plans and requested the 2025 forecast for cash cost before by-product credits.

    Answer

    Executive Raul Jacob stated that long-term mine plans are not altered by short-term price fluctuations and are based on a conservative $3.30/lb price. While not providing a specific figure for cash cost before by-products, he explained that overall unit costs have decreased due to productivity gains, such as optimizing the new Buenavista concentrator for higher-value zinc production.

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