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    Chris LaFemina • Jefferies Financial Group

    Chris LaFemina's questions to Peabody Energy Corp (BTU) leadership

    Chris LaFemina's questions to Peabody Energy Corp (BTU) leadership • Q2 2025

    Question

    Chris LaFemina from Jefferies Financial Group followed up on the Anglo American deal, asking about the status of discussions, whether a compromise like contingent payments was possible, and if the related BOOMA transaction would terminate if the deal goes to arbitration.

    Answer

    President and CEO Jim Grech described discussions with Anglo as candid but acknowledged a 'fundamental disagreement' over the impact and existence of a MAC. He declined to discuss potential negotiations on the call. Mr. Grech confirmed that if Peabody terminates the agreement, the back-to-back deal with BOOMA would also terminate.

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    Chris LaFemina's questions to Teck Resources Ltd (TECK) leadership

    Chris LaFemina's questions to Teck Resources Ltd (TECK) leadership • Q2 2025

    Question

    Chris LaFemina of Jefferies Financial Group questioned why the incremental CapEx for the QB TMF was classified as sustaining rather than project capital. He also asked if there was insurance coverage for the damaged ship loader.

    Answer

    EVP & CFO Crystal Prystai explained the TMF costs are sustaining because the operation is commercially producing, and the expenses relate to ongoing operational activities, not initial construction. EVP & CCO Ian Anderson confirmed that Teck has insurance coverage, including business interruption, for the ship loader and is investigating the root cause to determine next steps.

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    Chris LaFemina's questions to Teck Resources Ltd (TECK) leadership • Q2 2025

    Question

    Chris LaFemina of Jefferies Financial Group questioned the decision to classify the incremental QB tailings facility CapEx as sustaining rather than project capital. He also asked about insurance coverage for the QB ship loader incident.

    Answer

    EVP & CFO Crystal Prystai explained that since the operation is running and producing copper, these costs are no longer considered growth capital and are more significant than initially expected for sustaining operations. EVP & Chief Commercial Officer Ian Anderson confirmed that Teck has insurance coverage, including for business interruption, and is investigating the root cause to determine next steps.

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    Chris LaFemina's questions to Freeport-McMoRan Inc (FCX) leadership

    Chris LaFemina's questions to Freeport-McMoRan Inc (FCX) leadership • Q2 2025

    Question

    Chris LaFemina of Jefferies Financial Group questioned the potential demand impact of the significant spike in U.S. COMEX copper prices, particularly on downstream industries.

    Answer

    President & CEO Kathleen Quirk acknowledged short-term customer caution but emphasized that strong secular trends in AI and energy infrastructure support long-term demand. Chairman Richard Adkerson added that the price spike was influenced by pre-tariff inventory building and that copper is fundamentally difficult to substitute. He also noted the uncertainty around how tariffs will be applied to downstream products and the role of scrap supply.

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    Chris LaFemina's questions to Freeport-McMoRan Inc (FCX) leadership • Q2 2025

    Question

    Chris LaFemina of Jefferies Financial Group asked about the demand implications of the significant spike in U.S. copper prices, questioning if it could negatively affect consumption.

    Answer

    President & CEO Kathleen Quirk acknowledged potential short-term customer hesitation but stressed that long-term secular demand drivers like AI and energy infrastructure remain robust. Chairman Richard Adkerson added that the price move was driven by pre-tariff stockpiling and that copper is difficult to substitute. EVP & Chief Administrative Officer Stephen Higgins noted the impact depends on how tariffs are applied to downstream products.

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    Chris LaFemina's questions to Alcoa Corp (AA) leadership

    Chris LaFemina's questions to Alcoa Corp (AA) leadership • Q2 2025

    Question

    Chris LaFemina questioned whether the tariffs are ultimately a net neutral event for Alcoa over time and asked about the balance sheet treatment of the resolved Australian tax dispute.

    Answer

    President, CEO & Director William Oplinger acknowledged that while the financial impact on Alcoa could be neutral if the Midwest premium adjusts accordingly, the high prices negatively affect U.S. customers. EVP & CFO Molly Beerman added that contract commitments limit flexibility and confirmed the Australian tax liability was fully reserved on the balance sheet.

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