Yellow Lab Life Capital

EUCALYPTUS TREE, Jan 3, 2022 (Newswire) 7:00 AM: The koala is an unrestricted free agent There is no pre-contract or handshake on a max deal to be signed on a certain date What will come in '22, let's see, but until then no compliance regime Let the mayhem begin...

Diversification good But it’s also why the koala thinks the Elk Valley Resources deal was an absolute steal 25 mm tpa hard coking coal that realizes 92-95% PLV index in BC almost equidistant versus QLD to Japan and Korea shipping wise? And no windfall royalties? Dreamy Tbh though the probably go for gas before they go for coal

@ArrakisGlobal @YellowLabLife @TraderPamplona @mfwarder How do you weigh that risk in the context of Glencore? Protection from diversification in SA/COL + more ways to win including copper?

$GLEN $CNR bloomberg.com/news/articles/… For those of us that have been following coal for years, this is the opportunity. Thermal coal returns are like ketchup out the bottle... this is the time. @YellowLabLife @TraderPamplona @mfwarder

@ArrakisGlobal @origoinvest @TraderPamplona @mfwarder And the koala says this still very long Whitehaven $WHC.AX

Truly the big question here Does Canberra see a window to encourage more coal and gas development by keeping terms as is or do they get short term greedy After the QLD royalties to pay for the Olympics (joking but not joking) If you see government attempt to clip the right tail again, not sure how anyone invests in anything but tier 1 projects in Australia Because to borrow a point from @respeculator the tier 2/3/4 assets make a disproportionate amount of their average profitability over 10 years in 1 or 2 windfall years Take those out it destroys 20-30% of average profitability

Look, he is not an actual pod monkey, but with that said: If anyone on fintwit considering an analyst or PM seat at a big multi-strat, you should have to listen to the first ~10 minutes of this podcast with @ArrakisGlobal (4:00 - 12:00) on repeat while sleeping for minimum a week before accepting the offer Phenomenal opening segment about risk in modern fund management

You don’t own enough suezmax tankers if the new trade route starts in the east Mediterranean to get crude to the world produced from the…Persian Gulf May have to order The Koala Spirit if this happens

Considering we’re moving all gas no brakes into a global energy crisis unless something changes All the AI images/videos and frankly almost all of the consumer facing AI stuff developed past 2-3 years seems like a really stupid waste of scarce energy molecules

Gary has always said when asked about Glencore’s $GLEN $GLEN.L intention to responsibility wind down its thermal coal business by 2050 (paraphrasing) “I still think it’s the right thing to do but of course if governments around the world change their mind and come to us and ask us to keep these mines open, we will consider re-considering it.” The last 3 weeks that talking point has been echoing in the eucalyptus tree louder and louder.

@wolfofwalkerst Idk how Niall found it Hats off to him or whomever tipped him off what a find If had to guess, Newmont having some fun

@YellowLabLife So was this discovered in pre closing diligence?

“Hey guys we are in the final stages of negotiating a nil premium takeover by Anglo American we are calling a merger of equals to hide our shame we screwed up QB2 so bad, anything we got for some incremental leverage?” - Jonathan Price Real talk/jokes aside, you have to wonder if Anglo Teck had been announced 2 weeks later post Fourmile PEA if the ratio would have been different

Teck apparently has a previously undisclosed 10% NPI on a portion of Fourmile? How are we just hearing about this now?

@stinkendhert More just a met coal warrior specific observation The thermal coal trade is separate topic

@YellowLabLife BTU not a better option?

We buying Warrior $HCC because it’s an underground longwall in Alabama and met coal prices are roofing because australia is slowly having a diesel supply crisis break out? Sure why not…the koala will take that right now

@calvinfroedge Immediate instinct is to delever which means need the currency of the liability (dollars) Once delevered the instinct turns back to capital allocation mix

So why are people selling gold? This one is really hard for me to grasp Only thing I can come up with is rotation to energy

Wow…everyone rates him (or at least who will bother to talk to the koala) But damn, Minerals America Head not Minerals Australia And not a woman given a female CFO, Chief Strategy Officer; and Minerals Australia Head Koala trying to be on holiday but this dude ran WAIO and since Minerals America appointment has been dealing with the legacy issues that are Jansen and Escondida while putting together Vicuña. Seen literally (and this isn’t the koala talking this is literally the bhp deck at this point) the past cash cow and the future growth pillars of the company Hope you get a chance to make a proper go of it mate It’s the time to be bold, and the koala thinks beyond Vicuña bold $BHP

Alright @tom_woolrych the moment of truth…

@jclarkson203 Real shame in 2026 to see Dickie Greenleaf in Italy is actually working instead of playing the saxophone and womanizing Those were the good old days...

Pray for the Lundin Group email inboxes after this

@milken_cookies @Pigeonomics It’s just sort of maddening and not a good use of market volatility for politicians to do these trial balloon “what about…” and the market has to immediately go

All it takes is 1-2 weeks in South Florida during winter conference season to realize the area can’t take en masse the financial industry It can take the partners and MDs but not everyone and that separation of leadership and team is super risky to culture So there isn’t really an alternative metropolitan area The real risk honestly is Stamford/Bridgeport offices become default options for senior people and they can come in to the city as needed and stay in a hotel if needed back to back days Close enough to be there if needed unscheduled But outside city taxes and higher NYS taxes

fairly certain of two things. long-term, betting against NYC is a terrible idea. short-term, we need a clearing event like SF had post-covid

@Pigeonomics The real question is why would this even be floated. What does he gain politically by seeing the reaction of everyone? It’s so extreme it’s not even a valid negotiating starting point