In short: Owned — the pure-play thermal-coal expression of his energy-transition point: every transition pulls forward use of the old fuel (2024 was the biggest coal year ever). Poor prior sentiment on China/steel = the opportunity; running-water-and-electricity demand is met primarily by coal.
Whitehaven is an Australian coal miner Smead owns as a pure-play version of the same idea behind Glencore's coal exposure. Sentiment is awful because of worries about China and steelmaking, which is exactly why it's cheap. Smead's thesis is that global demand for reliable, affordable electricity keeps coal in heavy use far longer than the "energy transition" narrative implies.
56:53Um, we've owned some of the thermal coal business. We own currently one called White Haven um in Australia as well. So um those are energy businesses in the case of the thermal coal and the in the steel making um steel making because of the views of China has been very negative. If you look at their other parts their metal and mining copper and zinc are big businesses for them.
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