The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Lyndon Fagan - JPMorgan Chase & Co, Research Division - Analyst
: Look, the first question is just on Port Kembla. In relation to South32 Dendrobium extension project getting knocked back, just wondering if you
can talk a bit about what that means for Port Kembla from a cold raw materials point of view and whether you would need to invest in import
capacity? I've got a follow-up after that.
Question: Lyndon Fagan - JPMorgan Chase & Co, Research Division - Analyst
: And Mark, if it was to just run on Appin and coal and Dendrobium sort of phased away, can you talk a bit about the quality difference and whether
you can just solely rely on Appin? Or what is it specifically that might need to trigger an import requirement?
Question: Lyndon Fagan - JPMorgan Chase & Co, Research Division - Analyst
: And look, just a question on North Star. Just going back to the ability to utilize your installed infrastructure there and expand further. I'm just
wondering, given we've got record margins there, the balance sheet is in great shape, you've got a construction workforce on site, why not just
go the extra mile and complete the expansion? I imagine the capital intensity would be a bit lower if you did it while everyone was still there.
Question: Lyndon Fagan - JPMorgan Chase & Co, Research Division - Analyst
: And just one final one from me. Just on your longer-term growth strategy, we've got a balance sheet that's accumulating a lot of cash. Obviously,
there will be a buyback restarting in the not-too-distant future. But beyond North Star, can you talk a bit about what your long-term growth
ambitions are given the company's in great shape to now pursue something?
Question: Peter Steyn - Macquarie Research - Analyst
: Just 2 quick ones probably for me. Just wanted to pick up on the commentary in relation to U.S. spreads and what do you expect to pick up relative
to benchmark. Are we to think that the historic discount to benchmark, I guess, you've always quoted that late single digits in percentage terms,
does that increase or how we to think about that from a second half perspective?
Question: Peter Steyn - Macquarie Research - Analyst
: Yes, I understand that. I guess I'm just trying to understand just how deeply that discount may wash up relative to or as a result of those quarterly
contracts and other factors that -- yes.
Question: Peter Steyn - Macquarie Research - Analyst
: Sure. No worries. That's fine. And then, Mark, was just keen to hear your thoughts on safety performance, given that your total recordables have
been hitting in slightly incorrect direction. Perhaps just a couple of thoughts there on what you guys are looking at and doing about that.
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