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    Myles Allsop • UBS Group AG

    Myles Allsop's questions to Rio Tinto PLC (RIO) leadership

    Myles Allsop's questions to Rio Tinto PLC (RIO) leadership • H1 2025

    Question

    Myles Allsop of UBS Group AG sought clarification on the company's comfort with its relatively high net debt level and questioned the outlook for the dividend payout ratio, particularly whether the 60% full-year payout practice would continue through the leadership transition.

    Answer

    CFO Peter Cunningham and CEO Jakob Stausholm both expressed comfort with the current debt level, noting the balance sheet and cash flows are larger now. On the dividend, Stausholm stated that the Board has been unwavering in its support of the 60% payout practice and that profitable growth from projects like OT and Simandou is building greater dividend capacity for the future.

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    Myles Allsop's questions to Rio Tinto PLC (RIO) leadership • H1 2025

    Question

    Myles Allsop of UBS Group AG sought clarification on whether the current net debt level represents a new normal and asked about the commitment to the 60% full-year dividend payout policy.

    Answer

    CFO Peter Cunningham described the current net debt as a comfortable level that enables strategy, not a specific 'reset'. CEO Jakob Stausholm added that the Board has been unwavering in its support of the 60% payout practice and that profitable growth from new projects will increase future dividend capacity.

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    Myles Allsop's questions to Teck Resources Ltd (TECK) leadership

    Myles Allsop's questions to Teck Resources Ltd (TECK) leadership • Q2 2025

    Question

    Myles Allsop of UBS Group AG asked about the status of discussions regarding potential synergies for QB with adjacent assets and questioned the extended timelines for fixing the QB ship loader and tailings facility.

    Answer

    President & CEO Jonathan Price confirmed confidential discussions about QB synergies are ongoing but emphasized the immediate priority is ramping up QB to steady state. He reiterated the tailings issue is a one-time ramp-up event expected to be resolved this year. EVP & Chief Commercial Officer Ian Anderson explained the ship loader timeline is cautious, accounting for thorough structural assessments and maritime authority permits.

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    Myles Allsop's questions to Teck Resources Ltd (TECK) leadership • Q2 2025

    Question

    Myles Allsop of UBS Group asked about the status of discussions regarding potential synergies between QB and Coyoacán, questioned the lengthy repair timeline for the new ship loader, and sought clarity on when the tailings issue would be fully resolved.

    Answer

    President & CEO Jonathan Price stated that discussions on QB/Coyoacán synergies are confidential and ongoing, but the immediate priority is the QB ramp-up. He reiterated the tailings issue is a one-time event expected to be resolved this year. EVP & CCO Ian Anderson added that the ship loader repair timeline is cautious, accounting for thorough structural assessments and maritime authority permits.

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    Myles Allsop's questions to Teck Resources Ltd (TECK) leadership • Q1 2025

    Question

    Myles Allsop of UBS asked about the QB2 optimization timeline, specifically when a license to increase throughput might be obtained. He also inquired about a dispute at Highland Valley and its potential to delay the life extension project, and sought reassurance on the 2025 QB2 production guidance.

    Answer

    CEO Jonathan Price explained that the current permit allows for 10% optimization, while a new permit application for further debottlenecking would likely take 12 months for approval after a mid-year submission. He expressed optimism that the Highland Valley dispute would be resolved by mid-2025 and reiterated confidence in the existing 2025 QB2 production guidance range.

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    Myles Allsop's questions to Teck Resources Ltd (TECK) leadership • Q4 2024

    Question

    Myles Allsop asked for clarification on what costs are still being capitalized at QB and when that will cease. He also questioned the future of the Trail smelter, asking what it would take to close the facility given its negative cash flow and strategic importance.

    Answer

    CFO Crystal Prystai clarified that QB ramp-up costs and project interest were capitalized in 2023, but in 2024, costs were expensed normally. CEO Jonathan Price addressed the Trail smelter, stating that a focus on cost reductions, adjusted production rates, and other commercial levers is improving its profitability. He stressed its strategic importance for integrating with Red Dog and as a key North American producer of critical minerals like germanium, making it a valuable asset in the current geopolitical context.

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    Myles Allsop's questions to Teck Resources Ltd (TECK) leadership • Q3 2024

    Question

    Myles Allsop from UBS inquired about the pace of the share buyback program and asked when the company would provide more clarity on the potential for optimization and debottlenecking at the QB2 project.

    Answer

    CEO Jonathan Price stated the share buyback is value-driven, not maxed out, and could accelerate in Q4. He indicated that more detail on QB2's optimization path, which could add 10-15% throughput, would be provided at the upcoming Investor Day, but the immediate focus remains on achieving consistent nameplate capacity.

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    Myles Allsop's questions to Southern Copper Corp (SCCO) leadership

    Myles Allsop's questions to Southern Copper Corp (SCCO) leadership • Q1 2025

    Question

    Myles Allsop of UBS inquired about production guidance for 2026-2027, the reason for the Tia Maria financing delay, the status of protests at Tia Maria, and updates on the El Pilar and Los Chancas projects.

    Answer

    Raul Jacob (executive) indicated a potential small production dip in 2026 before growth resumes in 2027 with Tia Maria. He stated the financing delay for Tia Maria is due to market conditions, not project issues, and confirmed that local support for the project is strong with minimal protest activity. He also noted that the company has acquired most of the land for Los Chancas and is working with authorities to remove illegal miners.

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    Myles Allsop's questions to Southern Copper Corp (SCCO) leadership • Q1 2025

    Question

    Myles Allsop of UBS inquired about the production outlook for 2026-2027, the timing of financing for the Tia Maria project, the status of El Pilar, and progress in resolving issues with illegal miners at Los Chancas.

    Answer

    Executive Raul Jacob projected a slight production dip in 2026 before growth resumes in 2027 with Tia Maria. He stated that Tia Maria financing is pending better market conditions, not project viability, and noted the project has strong local support. He added that progress is being made on securing the Los Chancas site from illegal miners.

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    Myles Allsop's questions to Southern Copper Corp (SCCO) leadership • Q2 2024

    Question

    Myles Allsop from UBS asked about the level of social acceptance for the Tia Maria project, M&A's place in capital allocation priorities, and the potential impact of Mexico's new government on operations, including the El Pilar and El Arco projects.

    Answer

    Executive Raul Jacob reported "much better" local acceptance for Tia Maria, citing high interest in job offerings. He reiterated that organic growth is the priority but the company remains open to M&A. Regarding Mexico, he stated they are awaiting the new government's policies and are currently addressing technical recovery issues at the El Pilar project.

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    Myles Allsop's questions to Vale SA (VALE) leadership

    Myles Allsop's questions to Vale SA (VALE) leadership • Q4 2024

    Question

    Myles Allsop questioned the decision to issue a special dividend instead of executing a larger buyback given the low share price. He also asked for a timeline on when to expect permitting and final investment decisions (FIDs) for the copper growth projects in Carajás.

    Answer

    Executive Marcelo Bacci responded that Vale seeks a balanced approach between dividends and buybacks, noting buybacks were favored in the recent past. Executive Shaun Usmar stated the immediate copper focus is on the Bacaba project, with permits expected in Q2. Executive Gustavo Duarte Pimenta added that the new dedicated 'Novo Carajás' team and increased investment are designed to accelerate the development of the broader copper endowment.

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    Myles Allsop's questions to Vale SA (VALE) leadership • Q2 2024

    Question

    Myles Allsop of UBS Group AG inquired about Vale's M&A appetite for nickel assets in Brazil and asked at what price point the company would consider curtailing iron ore production to support prices under a 'value over volume' strategy.

    Answer

    Executive Gustavo Duarte Pimenta stated Vale is not looking at the specific nickel assets mentioned, preferring to develop its own endowment, citing the Minas-Rio deal as an example of preferred opportunities. Executive Marcello Spinelli explained that prices dropping to the $90-$100 range would likely take 100 million tons of production out of the market, providing a cost curve support level.

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