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    Robert Stein • Macquarie Group

    Robert Stein's questions to Rio Tinto PLC (RIO) leadership

    Robert Stein's questions to Rio Tinto PLC (RIO) leadership • H1 2025

    Question

    Robert Stein from Macquarie Group asked about the sources of expected depletion in the iron ore market, Rio's own depletion rates, and the company's experience with global inflation and productivity trends.

    Answer

    CEO Jakob Stausholm noted that depletion is a general industry issue, evidenced by declining grades, and that Simandou's volume can be absorbed by modest market depletion. He and CFO Peter Cunningham added that teams are managing inflation well through continuous improvement and targeted cost actions where necessary, such as at Kennecott.

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    Robert Stein's questions to Rio Tinto PLC (RIO) leadership • H1 2025

    Question

    Robert Stein of Macquarie Group asked for details on the expected depletion of iron ore capacity from major producers and inquired about global inflation and productivity pressures, noting competitors were deferring CapEx.

    Answer

    CEO Jakob Stausholm explained that depletion is a natural process across all mines, evidenced by lower grades in the Pilbara, and that Simandou's 6% market addition will be absorbed by this decline. Both he and CFO Peter Cunningham stated that Rio Tinto is managing inflation well through continuous improvement and targeted cost corrections, like at Kennecott, rather than broad CapEx deferrals, as its assets are highly profitable.

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    Robert Stein's questions to Coronado Global Resources Inc (CODQL) leadership

    Robert Stein's questions to Coronado Global Resources Inc (CODQL) leadership • Q2 2024

    Question

    Robert Stein of Macquarie questioned the relative operational and permitting risks for the Mammoth Underground project compared to other Queensland mines, especially given recent sector outages and increased regulatory scrutiny, and asked for a similar view on U.S. operations.

    Answer

    CEO Douglas Thompson detailed that Mammoth's bord and pillar method is less complex and well-suited to the geology. He emphasized that the project is a mining method change within a fully permitted area, not a new mine, simplifying the approval process. He added that engagements with the regulator have been positive and the company is leveraging its deep underground expertise from its U.S. operations to manage risks.

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