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Lachlan Shaw

Research Analyst at UBS Asset Management Americas Inc.

Lachlan Shaw is the Co-Head of Mining Research at UBS Group AG, specializing in global mining and commodities analysis with a strong focus on battery minerals such as lithium and nickel. He leads coverage of key mining and resource companies involved in the critical minerals and battery supply chain, providing high-impact research and market forecasts that have contributed to significant client investment performance in the sector. Shaw joined UBS originally in March 2015, left, and then rejoined as Co-Head of Mining Research in 2021, bringing prior experience as chief economist at another major financial institution. While formal FINRA registration is not noted for non-US analysts, he is recognized in Australia as a senior research leader and regularly cited by industry media for market outlook and investment insight.

Lachlan Shaw's questions to Alcoa (AA) leadership

Question · Q3 2024

Lachlan Shaw asked for Alcoa's perspective on the Western Australia mine approval process, including potential conditions and scenarios, given a peer's recent experience and stricter environmental standards.

Answer

CEO William Oplinger expressed confidence in the process, targeting approval by early 2026. CFO Molly Beerman added that Alcoa had proactively adopted many of the stricter mining conditions last year, putting them in a strong position. She also highlighted Alcoa's different cost profile due to using natural gas, which mitigates some carbon-related cost pressures faced by peers.

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Lachlan Shaw's questions to Coronado Global Resources (CODQL) leadership

Question · Q4 2023

Asked about the timeline for resolving port issues at RG Tanna, the company's preparedness for heavy rainfall and cyclones, and the potential for significant cost reduction in FY24.

Answer

The company stated the mid-2024 port resolution timeline is conservative and alternatives are being explored. They are well-prepared for wet weather with improved infrastructure and planning. They believe costs can definitely fall below $100/tonne in FY24, with the low-$90s being possible, driven by operational normalization and specific cost-out initiatives.

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