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    Paul Hissey

    Research Analyst at Moelis Australia

    Paul Hissey is an Executive Director at MA Moelis Australia, specializing in equity research and advisory for the natural resources sector with a particular focus on mining and metals companies. He covers leading miners such as Capstone Copper, and has a performance track record grounded in over 20 years of industry experience, including notable tenures at Goldman Sachs and RBC Capital Markets. Hissey joined MA Moelis Australia in 2023 to lead its equities expansion into natural resources, having previously held prominent analyst roles and leadership positions within top global investment banks. His professional credentials include extensive expertise in mining finance and deep technical knowledge of the sector, supported by a strong record of sector coverage and peer recognition.

    Paul Hissey's questions to MAC Copper (MTAL) leadership

    Paul Hissey's questions to MAC Copper (MTAL) leadership • Q4 2024

    Question

    Paul Hissey from Moelis Australia questioned the timeline for the balance sheet restructuring, including the Sprott facility paydown and refinancing of senior debt. He also asked about the medium-term strategy for mill throughput capacity versus mine output.

    Answer

    CFO Morne Engelbrecht stated the refinancing process would likely take another 6 to 8 weeks, aiming to extend debt maturity, lower interest rates, and add Australian banks to the syndicate. The Sprott facility repayment is on a similar timeline. Executive Michael James McMullen clarified that the mill's throughput is capped at around 1.7 million tonnes per annum due to water rights, which is the target for total ore from all sources.

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    Paul Hissey's questions to MAC Copper (MTAL) leadership • Q3 2024

    Question

    Paul Hissey from Moelis Australia inquired about the current maximum capacity of the mill, the mechanics of their annual TC/RC pricing, and the strategic priorities for the recent capital raise, specifically weighing the repayment of mezzanine debt against potential M&A.

    Answer

    Executive Michael James McMullen detailed mill capacity at ~80,000 tonnes of copper per year on the back end and 1.7 million tonnes of ore on the front end, limited by water. He confirmed they are on annual benchmark TC/RCs and expect a significant C1 cost reduction next year. He clarified the recent equity raise is earmarked for repaying the mezzanine debt to strengthen the balance sheet, viewing any major M&A as a separate capital exercise.

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    Paul Hissey's questions to MAC Copper (MTAL) leadership • Q3 2024

    Question

    Paul Hissey from Moelis Australia inquired about the current official capacity of the mill, the mechanics of how TC/RCs are set for the company, and the strategic priorities for the recent capital raise, specifically whether the funds could be used for M&A before repaying the mezzanine debt.

    Answer

    Executive Michael James McMullen detailed that the mill's back end can handle 80,000 tonnes of copper annually, with the front end at 1.8-2.0 million tonnes, currently constrained by water to 1.7 million tonnes. He confirmed they are on annual benchmark TC/RCs, which are expected to be significantly lower next year. He emphasized that the recent capital raise is earmarked for repaying the mezzanine debt to strengthen the balance sheet, and any major M&A would be a separate strategic consideration.

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