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    Paul Young • Goldman Sachs

    Paul Young's questions to Rio Tinto PLC (RIO) leadership

    Paul Young's questions to Rio Tinto PLC (RIO) leadership • H1 2025

    Question

    Paul Young of Goldman Sachs inquired about the status of the Oyu Tolgoi (OT) project, focusing on government relations following a change in Prime Minister, delays in the Entrée Resources lease transfer, and the ongoing tax dispute.

    Answer

    CEO Jakob Stausholm affirmed a strong working relationship with the new Mongolian government. He clarified the Entrée lease issue is manageable, as mining can proceed in a different panel with minimal impact. Regarding the tax dispute, he expressed confidence in the controlled arbitration process, with a hearing scheduled for September, and expects a decent outcome.

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    Paul Young's questions to Rio Tinto PLC (RIO) leadership • H1 2025

    Question

    Paul Young of Goldman Sachs questioned the status of the Oyu Tolgoi (OT) project in Mongolia, focusing on potential impacts from a lease transfer delay, an ongoing tax dispute, and a recent change in the country's Prime Minister.

    Answer

    CEO Jakob Stausholm affirmed a strong relationship with the Mongolian government, including the new Prime Minister. He downplayed the lease transfer issue, stating the mine plan can be adjusted with minimal value impact. Regarding the tax dispute, he expressed confidence in the controlled arbitration process, which is proceeding with a hearing in September.

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    Paul Young's questions to Coronado Global Resources Inc (CODQL) leadership

    Paul Young's questions to Coronado Global Resources Inc (CODQL) leadership • Q1 2025

    Question

    Paul Young inquired about the options and potential costs for refinancing the asset-backed loan (ABL), including the possibility of a coal prepayment to bridge to 2026. He also questioned the scope of the announced $100 million cost-out plan, asking if it represents the maximum possible reduction or a preparation for further price declines.

    Answer

    CFO Barrie Van Der Merwe confirmed they are exploring all options, including ABL-style alternatives that offer more flexibility, though likely at a higher cost, prioritizing liquidity. CEO Douglas Thompson added that the goal is to avoid burdensome contracts while navigating to the post-2026 period. Thompson detailed the cost-out plan, which includes phasing development capital and idling Logan surface operations, stating it's a pivot based on current market conditions, with other levers available if needed.

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    Paul Young's questions to Coronado Global Resources Inc (CODQL) leadership • Q1 2025

    Question

    Paul Young from Goldman Sachs inquired about the options and potential costs for refinancing the asset-backed loan (ABL), the strategy to navigate until the Stanwell rebate ends in 2026, and details on the $100 million cost reduction plan.

    Answer

    CFO Barrie Van Der Merwe stated that while refinancing the ABL would likely incur higher costs, liquidity is the current priority and several advanced options are being considered. CEO Douglas Thompson added that the cost-out plan is a response to the weak market and involves reducing contractor services, idling equipment, and rephasing capital. He emphasized that the goal is to get through the current downturn without adding burdensome long-term contracts and that other cost-saving levers are available if needed.

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    Paul Young's questions to Coronado Global Resources Inc (CODQL) leadership • Q1 2024

    Question

    Paul Young of Goldman Sachs inquired about Curragh's realized pricing, the reasons behind the contractor consolidation, and the expected production run rate at the Buchanan mine.

    Answer

    Group CFO Gerhard Ziems attributed the Q1 price realization of 73% to low PCI relativity, which has since improved, suggesting a future benefit. CEO Douglas Thompson explained that removing four contractor fleets at Curragh is part of a systemic plan to reduce headcount and associated costs. Regarding Buchanan, Thompson noted that while specific guidance wasn't provided, April performance was strong with improved skip rates and yields after bringing forward maintenance, which will benefit future quarters.

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