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    Liam Fitzpatrick

    Managing Director and Senior Equity Analyst at Deutsche Bank

    Liam Fitzpatrick is a Managing Director and Senior Equity Analyst at Deutsche Bank, specializing in Metals & Mining equity research. He covers major companies including BHP Group and Antofagasta PLC, regularly publishing market-moving updates and price targets, and is recognized for his measured approach, with coverage indicating cautious ratings and precise financial evaluation. Fitzpatrick has maintained his position at Deutsche Bank for several years, with prior experience in metals & mining analysis and a career timeline dating back to at least 2019 in his current role. He holds recognized industry credentials required for his analytical position in the UK financial sector.

    Liam Fitzpatrick's questions to FREEPORT-MCMORAN (FCX) leadership

    Liam Fitzpatrick's questions to FREEPORT-MCMORAN (FCX) leadership • Q2 2025

    Question

    Liam Fitzpatrick from Deutsche Bank questioned the modest pace of the Q2 share buyback despite low net debt and asked about the confidence level in the medium-term gold guidance given recent variability.

    Answer

    President & CEO Kathleen Quirk affirmed their commitment to the financial policy of returning 50% of excess cash flow, noting that rising U.S. premiums should increase cash available for returns. The other 50% is allocated to growth projects. Regarding gold guidance, she expressed confidence in their modeling and noted that mill rates are expected to increase after Q3 maintenance is completed, supporting the forecast.

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    Liam Fitzpatrick's questions to FREEPORT-MCMORAN (FCX) leadership • Q2 2025

    Question

    Liam Fitzpatrick of Deutsche Bank asked about the modest pace of share buybacks in Q2 despite low net debt and questioned the confidence level in medium-term gold guidance given recent volatility.

    Answer

    President & CEO Kathleen Quirk affirmed their commitment to the financial policy of returning 50% of excess cash flow, noting that rising U.S. premiums should generate more cash for future returns. The other 50% is allocated to growth projects. Regarding gold guidance, she expressed confidence in their rigorous quarterly modeling process, stating the issue is one of timing, not resource availability.

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    Liam Fitzpatrick's questions to FREEPORT-MCMORAN (FCX) leadership • Q4 2024

    Question

    Liam Fitzpatrick inquired about the expected timing for receiving the Indonesian concentrate export approval in Q1 and the potential risk to production guidance if delays lead to storage capacity issues.

    Answer

    President and CEO Kathleen Quirk stated that Freeport-McMoRan is making good progress with the Indonesian government, which has indicated support for allowing exports during the 2025 smelter repairs. She expects the necessary documentation to be approved in the near term, likely in the coming weeks, which should align with inventory management needs and prevent production impacts.

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    Liam Fitzpatrick's questions to FREEPORT-MCMORAN (FCX) leadership • Q3 2024

    Question

    Liam Fitzpatrick asked for a high-level timeline on the smelter repair delay, the certainty of receiving a government export extension, and whether the recent increase in the Cerro Verde stake was a one-off event or part of an ongoing strategy.

    Answer

    President and CEO Kathleen Quirk responded that it was too early to provide a specific repair timeline but assured that teams were working to expedite the process. She expressed confidence in receiving government support for continued exports due to shared economic benefits. Regarding Cerro Verde, Quirk described the purchase as opportunistic and stated that while Freeport is interested in acquiring more shares of the high-quality asset, future purchases depend on the availability of willing sellers.

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    Liam Fitzpatrick's questions to TECK RESOURCES (TECK) leadership

    Liam Fitzpatrick's questions to TECK RESOURCES (TECK) leadership • Q1 2025

    Question

    Liam Fitzpatrick from Deutsche Bank asked about the sanctioning of new projects like Zafranal in the current macro environment and questioned the company's management bandwidth to handle multiple projects while QB2 is still ramping up.

    Answer

    CEO Jonathan Price responded that project decisions are based on strong long-term fundamentals for copper and zinc. He assured that the new projects are smaller and less complex than QB2. Price detailed that the Highland Valley extension is a brownfield project, Teck will lead Zafranal with a dedicated team, and San Nicolas is managed by its joint venture, mitigating the organizational load.

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    Liam Fitzpatrick's questions to TECK RESOURCES (TECK) leadership • Q4 2024

    Question

    Liam Fitzpatrick asked about the potential for a joint venture between QB and the neighboring Collahuasi mine and questioned the significant increase in QB's operating costs during Q4, seeking clarity on how costs would decrease to meet 2025 guidance.

    Answer

    CEO Jonathan Price acknowledged the potential value in a QB-Collahuasi tie-up and confirmed some engagement with partners, but stated Teck's current focus is on ramping up QB to maximize shareholder value. CFO Crystal Prystai explained that QB's Q4 costs included some one-time items like labor bonuses. She anticipates a significant reduction in 2025 unit costs driven by higher production volumes, the demobilization of ramp-up contractors, and increased molybdenum byproduct credits.

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    Liam Fitzpatrick's questions to TECK RESOURCES (TECK) leadership • Q3 2024

    Question

    Liam Fitzpatrick of Deutsche Bank asked if the 2025 guidance update was comprehensive or just for QB2, questioned if greenfield development is still the right strategy given recent challenges, and inquired about the Q3 working capital build.

    Answer

    CEO Jonathan Price clarified the 2025 guidance update was only for QB2, with other assets to be updated in January. He affirmed the greenfield strategy, noting future projects are smaller and less complex. CCO Ian Anderson explained the working capital build was a timing issue with QB2 inventory that will unwind in Q4 and Q1.

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    Liam Fitzpatrick's questions to Vale (VALE) leadership

    Liam Fitzpatrick's questions to Vale (VALE) leadership • Q4 2024

    Question

    Liam Fitzpatrick sought clarification on the new share buyback program, asking whether it was intended merely to provide future flexibility or if it was effectively active and ready for execution immediately.

    Answer

    Executive Marcelo Bacci confirmed that the buyback program is already in place and that the company has the ability to operate in the market at its discretion over the next 18 months. He reiterated that the specific execution strategy would not be disclosed for market-sensitive reasons.

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    Liam Fitzpatrick's questions to Glencore plc/ADR (GLNCY) leadership

    Liam Fitzpatrick's questions to Glencore plc/ADR (GLNCY) leadership • H1 2023

    Question

    Liam Fitzpatrick from Deutsche Bank inquired about the specifics of the cash proposal for Teck's coal business (EVR), Glencore's alternative coal strategy if the bid fails, and the potential solutions and timeline for the underperforming Koniambo nickel asset.

    Answer

    CEO Gary Nagle declined to comment on the EVR bid details. He stated that if the bid is unsuccessful, the current plan, based on shareholder feedback, is to retain the coal business, but this is subject to ongoing consultation. Regarding Koniambo, Nagle confirmed they are working with the French government on a solution, with all options being considered.

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    Liam Fitzpatrick's questions to Glencore plc/ADR (GLNCY) leadership • FY 2022

    Question

    Liam Fitzpatrick asked about the strategic options for the Viterra business following the integration of Gavilon and questioned whether the marketing segment's mid-term earnings guidance would be revised upwards given its persistent outperformance.

    Answer

    CEO Gary Nagle outlined several options for Viterra, including an IPO, a sale of a minority stake, or a transaction with a competitor, but stressed there is no rush to act. CFO Steven Kalmin stated that while current market conditions support top-end performance, he prefers to see the business tested in a 'normal' environment before formally raising the long-term guidance range.

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    Liam Fitzpatrick's questions to Glencore plc/ADR (GLNCY) leadership • Q2 2022

    Question

    Liam Fitzpatrick from Deutsche Bank asked for details on the significant implied H2 cost inflation for copper and zinc, and sought confirmation on a potential $11 billion H2 free cash flow figure for calculating the next shareholder distribution.

    Answer

    CFO Steven Kalmin confirmed the free cash flow calculation was mechanically correct and attributed the high cost guidance to peak inflation in energy and consumables. Head of Industrial Assets Peter Freyberg added that while operational improvements at Katanga are underway, land access issues remain a constraint on returning to peak production levels.

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    Liam Fitzpatrick's questions to Glencore plc/ADR (GLNCY) leadership • Q2 2017

    Question

    Liam Fitzpatrick asked for clarification on the company's net debt policy, specifically whether the $16 billion level is a hard ceiling. He also inquired about the agriculture business, asking if Glencore would consider diluting its 50% stake further and if any potential transaction would be pursued only on friendly terms.

    Answer

    CFO Steven Kalmin described the approximately $16 billion net debt cap as 'pretty robust' but allowed for short-term flexibility for strategic acquisitions that enhance the portfolio. CEO Ivan Glasenberg confirmed that Glencore would be willing to dilute its stake in the agriculture vehicle for the right strategic reason, drawing a parallel to its history with Xstrata. He declined to comment on whether a future transaction would be friendly or hostile.

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