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    Richard Hatch • Berenberg

    Richard Hatch's questions to Rio Tinto PLC (RIO) leadership

    Richard Hatch's questions to Rio Tinto PLC (RIO) leadership • H1 2025

    Question

    Richard Hatch of Berenberg questioned the removal of a disclosure, challenged the positive commentary on the aluminum business's performance, and asked about the rising costs at the Iron Ore Company of Canada (IOC).

    Answer

    CFO Peter Cunningham said the reporting was simplified to align with peers. He explained the aluminum segment's underlying performance is strong, with profitability appearing lower due to high internal alumina transfer prices. For IOC, he cited lower pellet prices, a prior-year insurance claim comparison, and necessary mine investments as drivers of the cost performance.

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    Richard Hatch's questions to Rio Tinto PLC (RIO) leadership • H1 2025

    Question

    Richard Hatch of Berenberg asked why underlying earnings by business unit were removed from disclosures, challenged the positive view on the aluminium business given deteriorating margins, and questioned the rising costs at the Iron Ore Company of Canada (IOC).

    Answer

    CFO Peter Cunningham stated the reporting change was for simplification and alignment with peers. He clarified that lower aluminium smelter profitability was due to high internal transfer prices for alumina, not poor underlying performance. For IOC, he attributed lower EBITDA to weaker pellet prices and investments to position the mine for the future.

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    Richard Hatch's questions to Wheaton Precious Metals Corp (WPM) leadership

    Richard Hatch's questions to Wheaton Precious Metals Corp (WPM) leadership • Q2 2024

    Question

    Richard Hatch inquired about the production outlook for the Salobo mine for 2025-2026, specifically regarding grade and throughput expectations. He also asked for details on the current business development pipeline, including the types and sizes of deals being considered.

    Answer

    Wesley Carson, VP of Mining Operations, stated that while Salobo grades are expected to drop slightly into 2025-2026, this will be offset by the Salobo III ramp-up and increased throughput, leading to a slight production increase. Haytham Hodaly, SVP of Corporate Development, described the deal pipeline as robust, with opportunities ranging from $100 million to $700 million, focusing on development-stage funding for both polymetallic and precious metals companies. President & CEO Randy Smallwood added that deal sizes are trending larger and projects are closer to construction.

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