Sign in

    Jason Fairclough • Bank of America Merrill Lynch

    Jason Fairclough's questions to Rio Tinto PLC (RIO) leadership

    Jason Fairclough's questions to Rio Tinto PLC (RIO) leadership • H1 2025

    Question

    Jason Fairclough of Bank of America Merrill Lynch inquired about the ramp-up schedule for the Simandou project following the accelerated timeline for first production, and asked about the key organizational learnings from the project's rapid execution.

    Answer

    CEO Jakob Stausholm detailed that the Simandou ramp-up will occur over 2.5 years, initially to 60 million tonnes with the first port and then to 120 million tonnes once the second port is complete. He emphasized significant learnings from Chinese partners regarding engineering efficiency, standardized designs, and contractor commitment, which Rio Tinto aims to apply to other projects.

    Ask Fintool Equity Research AI

    Jason Fairclough's questions to Rio Tinto PLC (RIO) leadership • H1 2025

    Question

    Jason Fairclough of Bank of America Merrill Lynch inquired about the ramp-up schedule for the Simandou project following the accelerated first production, and asked about the key organizational learnings from the project's rapid execution with Chinese partners.

    Answer

    CEO Jakob Stausholm explained that the Simandou ramp-up to 120 million tonnes will occur over 2.5 years, phased with port capacity coming online. He highlighted significant learnings from Chinese partners regarding engineering efficiency and standardized design, suggesting these could be applied to other projects to accelerate timelines and reduce costs.

    Ask Fintool Equity Research AI

    Jason Fairclough's questions to Eregli Demir ve Celik Fabrikalari TAS (ERELY) leadership

    Jason Fairclough's questions to Eregli Demir ve Celik Fabrikalari TAS (ERELY) leadership • Q1 2025

    Question

    Jason Fairclough of Bank of America inquired about the sustainability of the Q1 working capital reduction and sought clarification on the seemingly light Q1 production and sales figures. He also asked for a breakdown of the working capital change between price and volume effects.

    Answer

    Executive Idil Onay confirmed that the current working capital level is sustainable for the year. She explained that lower Q1 production resulted from planned maintenance and did not affect sales, reaffirming the full-year sales guidance. Onay clarified that the working capital change was approximately 40% due to price and 60% due to tonnage.

    Ask Fintool Equity Research AI

    Jason Fairclough's questions to Eregli Demir ve Celik Fabrikalari TAS (ERELY) leadership • Q1 2025

    Question

    Jason Fairclough from Bank of America inquired about the sustainability of the recent working capital reduction and the reasons for the lower-than-usual production and sales volumes in Q1.

    Answer

    Idil Onay, an executive, explained that the current working capital level is sustainable for the remainder of the year. She clarified that the lower Q1 production was a temporary situation due to planned maintenance activities and had no negative impact on sales figures, with the full-year sales guidance of 8 to 8.2 million tonnes remaining intact. Onay also noted the working capital change was driven 40% by price and 60% by volume.

    Ask Fintool Equity Research AI

    Jason Fairclough's questions to Eregli Demir ve Celik Fabrikalari TAS (ERELY) leadership • Q4 2024

    Question

    Jason Fairclough of Bank of America inquired about the 2025 EBITDA per ton outlook following a Q4 decline, the company's dividend policy in light of its leverage, and the expected timeline for news on the new gold mine venture.

    Answer

    Idil Onay (Executive) guided for a 2025 EBITDA per ton between $90-$100, expecting sequential quarterly improvement driven by cost reductions from new investments. She stated the dividend policy remains unchanged but the Board's decision in late February/early March will consider current cash needs and the CapEx program. Regarding the gold mine, she confirmed they are working on an official reserve report but could not provide a specific timeline for its announcement.

    Ask Fintool Equity Research AI

    Jason Fairclough's questions to Eregli Demir ve Celik Fabrikalari TAS (ERELY) leadership • Q4 2024

    Question

    Jason Fairclough of BofA Securities inquired about the 2025 outlook for EBITDA per ton following a significant drop in Q4, the company's dividend policy in light of its balance sheet and leverage, and the expected timeline for news regarding the new gold mine business.

    Answer

    Idil Onay, an executive at Erdemir, projected a 2025 EBITDA per ton of $90-$100, expecting sequential quarterly improvement driven by cost reductions from new investments. Onay confirmed the dividend policy is unchanged but the final decision rests with the Board, which will consider the year's cash needs and CapEx. Regarding the gold mine, she stated that an official reserve report is in progress, but a specific timeline for its announcement is not yet available.

    Ask Fintool Equity Research AI