Everyone. Thanks for joining us. Our second half of our first day here at the Wells Fargo Industrials and Materials Conference. We are here with aluminum producer, Century Aluminum. I'm Timna Tanners Building Materials and Metals and Mining analyst. We're going to do a fireside chat. If you have any questions, you want to raise your hand, feel free to do so. Century is a pretty nice clean story. It's an aluminum producer. It's got U.S., it's got, of course, Iceland. I just thought I would kick off by asking Jesse here, what's the unique setup for Century in this environment? What's the alignment of positives here in aluminum just for people who may not be as familiar with this story?
Sure. Is my mic okay? Yeah. I think there's both unique micro setup for Century. I'll cover that. Also, overall, very strong macro setup for the industry in general. I think it's probably worth going into both of those. I'll start with the micro side. Century has long been focused on bringing on production and producing in what is the two shortest markets for aluminum in the world. We are the largest producer of aluminum in the United States. We're one of the largest producers of aluminum in Europe. The nice thing about that is the U.S. is the shortest market for aluminum in the world. Europe is second. What that means is, as those two markets want to increase their critical minerals production, which includes aluminum in both those markets, we benefit from protected markets in both of those regions.
That's reflected in the Midwest premium in the United States, where we have a 50% tariff on primary aluminum. In the European duty paid premium in Europe, there's a 6% tariff on primary aluminum going into Europe. That puts us in a unique position, really. All the other producers are global producers importing into those two markets. We're producing within those two markets and benefit from those really strong regional premiums. We've diversified then into upstream, with our Jamalco asset. What we've done is de-risked the cost side of our business by having our own internal bauxite and alumina production. That's really stabilized the cost side. You've seen earnings stability over the past several years since we bought Jamalco about three years ago. That's the micro side. I can go into the macro side.
Yeah. Well, actually.
Yeah
I think it's important to point out that I've been covering Century Aluminum for, I don't know, a decade, yeah, to your point, Century Aluminum had been one of the highest cost and more volatile aluminum producers, at least publicly traded. Now you've taken out the volatility around alumina with the Jamalco joint acquisition. Then also on the hedging side, kind of taken out some of the energy cost risk, which is really important. Those two inputs are the key ones for aluminum. When we met recently, you said, "We're coming out of a 15-year bear market for aluminum." I said, "I've only covered aluminum for 15 years." I'd love for you to expound on that a little bit.
Sure. I've only been in aluminum for 17 years, that's been a bummer to have 15 years of that be a bear market. The setup is that's really the truth. If you go back and you go to 2000, really 25 years ago now, the Chinese decided to build out an aluminum industry, they went over that time period from 5% of the world's production to 65% of the world's production today. What that means is, over that time period, you were basically in overproduction during that entire time, any other disruption on the supply side that you may have, in aluminum, was covered over by the fact that you just had more production coming online in China every single year.
There were massive subsidies that underlied that build-out, which just pushed their cost structure down, then pushed the whole entire aluminum price down globally. Importantly, about five, six years ago, the Chinese realized that they had now become self-sufficient in aluminum. We're about 38 million tons at the time, they put a production cap on it, 45 million tons of production, which is right about where they are today. Strategically, that meant that they were basically able to meet their demand side, which include both internal demand, also export demand, with their existing production. As they looked at their overall economy, didn't make sense to go even further into aluminum. Especially today when we have data centers. If you're the Chinese, would you rather allocate an extra electron to another aluminum smelter or a data center?
It's clear strategically it makes more sense for them to go into data centers. They've hit this 45-million-ton production cap, what that's meant globally is that we've seen inventory levels go down significantly. Today, we're breaching six weeks of global inventory, for the first time since the global financial crisis. The market has become increasingly tight. This year, we'll have the largest supply deficit in the history of the aluminum markets, after the disruption in the Middle East from the war.
I don't think in my lifetime I've ever seen an aluminum shortage. How do you see this playing out?
In your lifetime, maybe. Definitely not since you've covered aluminum.
Okay.
What it will mean is you'll start to see a supply response from the West. For instance, we have a project in Oklahoma to build the first new aluminum smelter in the United States in over 50 years. That project will double the size of the U.S. industry. It's about 750,000 tons. That's what the existing U.S. smelter base can produce today. You will see this incentive for the first time in 25 years, for production to come online in the West. That incentive is then backed by kind of this new strategic view of the world where people are moving to have domestic supply chains rather than global supply chains, especially in critical minerals.
You can just imagine the U.S., as we look to restock from wars in Ukraine and wars in Iran. We need to be sure that we have our own domestic aluminum production in order to build out our national security fleet. That's just the military applications. Of course, has commercial, aerospace, automotive, all of these other things. As the world gets smaller, to have that domestically is going to become important in the U.S. and in Europe. It's great to already be there with our existing assets, but we also have opportunities to add production there like we are in Oklahoma. We're also increasing production at our South Carolina facility. That alone increases U.S. production by 10%.
There's a variety of great investment projects for Century growth projects for us for the next several years based off of these global macro trends, reshoring industry, shortening supply chains, and the opportunity comes as the Chinese hit that cap that we're able to make these investments have really great return profiles for those, and I think create a great new growth story for Century.
I want to dive into some of the smelter details, but first I wanted to ask, how do you think about a normal aluminum price? I get asked that and I struggle with it, so I'd love to get your thoughts on the normal aluminum price and maybe even the value that you use to analyze project potential returns.
Sure. Of course, it's impossible to say what a normal aluminum price is, but I think what we can definitely say is the aluminum price over the past 15 years has been too low. We can see that through a couple of lenses. One, you have overproduction in China, that's what causes that price to be too low. When you look globally at the supply response, you basically haven't had new smelters built anywhere in the world for the past 15 years. The last Western smelter built was in Iceland, in Fjarðaál, over 15 years ago. When you see that on the supply side, no one willing to invest, you know that the aluminum price is too low. We know what the cause is. It was Chinese overproduction.
As that cause has gone away, you started to see more announcements being announced of new smelters in the West because we're able to get the returns that we need to make those investments. It's important to say these are hard projects to build, so it's not an easy thing to build a new aluminum smelter. Aluminum is extremely energy intensive. You need very large blocks of power. You need to be on a major port or waterway, and you need to have a labor force. All those things have to come together to have it make sense, and then you need to get a return profile as well.
You need the steady low cost of aluminum competing with data centers in some regions, right? Equipment costs have gone up, I imagine, as some of that equipment is either tariffed or also, at least for the U.S., and also gone up in price.
Yeah. I think the one thing I'd correct in that.
Yeah
You compete with data centers everywhere in the world now.
Okay, fair.
There is no place in the world where you would look to build an aluminum smelter today where there aren't people also looking to build a data center. This is a question we get a lot about Oklahoma is, are you going to be able to secure competitive price power? My answer to that is, one, just watch us. We're going to do it.
Yeah.
We'll prove it to you. Two, the reason why we're able to do that is the data centers are truly building everywhere. We see them everywhere in the world that we go. They're looking for power the same way we are. The data centers need to be distributed the same way aluminum smelters do. Obviously, every nation state in the world is very focused on AI and having their own AI industry.
That cost pressure, in general, to the extent it exists and to the extent it will increase power prices over time, will increase power prices globally over time. We don't really see that being different in any given jurisdiction. The nice thing about the U.S. is we have a very deep and very secure power energy market. We operate in Jamaica, so we can contrast the two of those.
In Jamaica, you have energy outages throughout the entire island. We had one on Friday even. Whereas in the U.S., you don't have power outages. That is a key factor. You're also able to, because of the vast size of the U.S., we're able to find a gigawatt of energy that's uncommitted like we have in Oklahoma, and negotiate a price that makes sense to build a new aluminum smelter.
Let's talk about Oklahoma. You've got a 40% joint venture, 60% with EGA. EGA is well-regarded as having some of the best technology for new smelters. They have deep pockets. When we think about what can go wrong, I think it comes down to the power agreement. I recently caught some local politics with the Oklahoma AG looking unhappy with it. What's going on there? Can you break it down for us?
I would say overall, the state of Oklahoma has been incredibly welcoming to Century and EGA. Governor Stitt has been a key proponent of this project from the beginning. Representative Hern, Senator Markwayne Mullin, we've had really open arms in Oklahoma. There's a lot of politics going on right now. There's a governor's race, there's midterms, all sorts of things going on. Without commenting specifically on this lawsuit, we're still very bullish on Oklahoma. We're very excited to move the project forward. We don't see this as a huge impediment at this time.
Okay. That's helpful. I don't know if we need to get into local Oklahoma politics. I was just trying to get a gauge on that, so that's helpful. How much is the U.S. government involved in this project? I know the U.S. government really wants to have more smelting capacity, but maybe if you could elaborate on the extent to which the White House has been involved, or the Department of Energy, I think, in this one.
Yeah. A variety of agencies have been involved and very supportive of building out the U.S. aluminum industry. We've benefited in a couple of ways. One, we have a $500 million grant from the Department of Energy, which will go against the capital cost of this smelter.
Two, we've been working with the government on a variety of financing programs, which encourage reindustrialization in this country and completion of supply chains in this country. That financing will both be low cost, easy to work under, and also, they'll underwrite probably the entire financing package for the project.
Okay. When I think about the administration wanting to reshore some of the aluminum, do you think we'd ever want to go above the amount that the combined North American market can supply, or do you think that Canada will still be an important supplier even if they don't want to become our 51st state?
I think two things. One, we need to have our own domestic supply chains to supply most, if not all, of our domestic demand. I think when you look over longer time periods and you look at some of the stress as the world becomes less global and more local, a lot of these supply chains can be stressed even across and within the North American continent or within the European continent.
Take Europe, for example. Europe was buying Russian gas for decades, all of a sudden, the Russian gas is no longer available. We saw in the early days of the Canada negotiations after President Trump was reelected, there was talk of shutting off electricity transmissions to the United States from Canada. If we truly want to have security in our critical minerals and national defense applications, we need to have the majority of our aluminum production here in the United States.
Okay. That's helpful. The power agreement. Can you tell us where the stages are there? I know that the local utility mentioned it on their Q4 call, it seems like things are in the works, any update there, please?
Yeah. We're working with PSO, which is the local utility in Oklahoma. It's owned by AEP. We're making very good progress. Still some work to be done to get that over the line. Both sides, I think, are eager to move the project forward. We continue to make progress on those negotiations. These are very large power agreements. We're talking 1.2 GW, enough to power a small city. It takes some time to get those done, I would say negotiations continue to move forward. Yeah, we're excited about it.
Why would a Century Aluminum smelter or any smelter win out over a data center looking to build there? How do they think about that locally?
Well, at the local level, power is local. Having a smelter built in as compared to a data center, the types of jobs we offer, the amount of jobs that we offer. If you take a 1.2 GW data center, maybe you have 100 jobs, and three-quarters of those are security guards. You have our aluminum smelter, you've got 1,000 jobs. Those 1,000 jobs have a wage and benefit package average of $125,000 a year.
You see also what we'll have is the industry building around the smelter, and there's synergies to having downstream next to the primary production. You'll have additional investments coming in in the Port of Inola, which is where we're building. You'll have economic impact of billions of dollars annually. It's easy to see why the smelter-type investment will have a much more beneficial impact locally than a data center would.
Okay. Yeah, I think Massena for Alcoa is an example of that as well, where they wanted to have the jobs. Is it hard to attract talent? Is EGA bringing over some locals to help with training, or how do you think about getting the skills that are necessary in Oklahoma?
Well, that's one great thing about our partnership is we operate smelters here in this country. We know how to attract talent in this country. It's also one of the primary factors we looked at when we were looking at a state to build in. Oklahoma has a great workforce. If you think about it, one of the things I love talking about as an American really is the shale revolution in this country and everything that it's meant.
All of the technical jobs, all of the skilled trades sort of jobs, that have really thrived in America versus some other markets because of the shale revolution. Oklahoma really sitting right in the heart of that means there's a lot of tradesmen available, there's a lot of technical talent available, engineers available.
That was one of the things that really drew us to Oklahoma was this great workforce that they have in the whole state, but especially in Tulsa. You're exactly right to raise that, and that was a factor that we looked at when siting the smelter.
We were initially not as enthusiastic about the new smelter, but then we started seeing the returns at recent aluminum prices, and we decided, okay, this is very doable for Century.
Yeah.
As you can imagine, years of under a $1 billion market cap, and now, over $1 billion in free cash flow a year at well over today's aluminum prices. How do you think about, I guess, just broadly, how do you think about capital allocation? Obviously, a smelter will be a component, but it's being financed. What other uses of cash are you looking at?
We're very pleased, and you're right. We're really operating well in this environment. We have significant EBITDA generation today. We have significant cash flow generation, which will only improve over the next couple of quarters. We've initially allocated most of that free cash flow to our expansion projects we're undergoing now in Mount Holly, and in Grundartangi. We're bringing up over a quarter of a million tons of production over the last several months. Those projects will complete at the end of this month in Mount Holly and at the end of June in Iceland. We'll have a lot of that CapEx coming off. We've got a few smaller projects that we're doing in Jamaica.
As we enter into Q3 and Q4, we are going to see a significant increase of EBITDA to cash flow generation. A lot of that will go to build the new smelter. We will finance a lot of that, but there's a significant investment from us and EGA as well on the equity side. We'll continue to first hunt for more organic growth opportunities. Those will become more challenging as we execute them. There's only so much you can do, but we'll continuously improve. We'll always look at the M&A markets.
I think we've been very successful at Century in that regard over time. Most of our M&A activities have generally been at the bottom of the cycle. While we'll always look, we have certain return characteristics that we want, and we'll be disciplined there. As we have excess cash over time, and it will build, and it will build fairly quickly, if we don't have uses for that cash, we'll look to return that.
Okay. Is there a political component of how you think about returning cash to shareholders? Do you want to first see some progress on the smelter? I think we've seen some of the defense companies get criticized for shareholder returns. I'm just curious if that factors into your thinking.
Yeah, I think we are very grateful for what the Trump administration has done, for what Americans have done, to focus on the need for building out aluminum in this country. As the largest U.S. producer, we do think that is part of our obligation going forward, is to deliver on that, and we are. We're investing in Mount Holly, we will have Oklahoma. First we're increasing U.S. production by 10%, and then with Oklahoma, we'll double it.
We think we are delivering. To the extent we deliver, I think everyone wants us to be profitable as well, because that creates a healthy environment. We'll continue to invest in Sebree and Mount Holly as well, the rest of our U.S. operations. To the extent we have excess cash, I think everyone recognizes that we'll act like a public company and we'll do what's right.
Okay. Gotcha. One more political question. What can you say to investors who are concerned over tariffs? That's a common pushback we get, is how can you invest in an aluminum company when a chunk of the profitability is driven by tariffs, and who knows what's going to happen with tariffs? What's your comfort level with the administration and beyond this administration?
I think a lot of times we get that from new investors. The older investors will remember that the Section 232s went in place in 2018, so they've been in place for eight years now. People ask us, "What if the Democrats are elected?" I mean, number one, we hope the Trump administration continues, and the people that are part of the Trump administration continue as well. Remember, the 232 stayed in place under the Biden administration as well. We worked very well with the Biden administration.
I think really both parties recognize the importance of reindustrializing this country. Both parties recognize the types of jobs that we bring to these communities. I think both parties now recognize that what happened from 2000 until 2018, and you had all of these good, high-paying middle-class jobs leaving this country now need to come back. We're quite comfortable. This isn't really a political issue. This is an American issue, and America wants to reindustrialize and bring these types of jobs.
One other aspect I was thinking about is that, yes, all of what you said is true, but if you look at Biden, first Trump was 10%, then Biden, what we say, Swiss cheesed it, so made some exceptions. Then Trump went to 25%, then Trump went to 50%. It's not just the will there be tariffs, but where will the tariffs be? One thing I've thought about is the trouble with trying to encourage foreign direct investment is if you are moving the goalposts like that, it's not good for the country, irrespective of who's in office. Joe Manchin at lunch was just saying that. I don't know. It was great. I don't know if you got to listen to him.
I didn't. Joe's a great man.
Yeah. It was really good except for the part where our debt load is overwhelming and our taxes need to go up. I didn't like that part. He said, if you have every four years executive orders that get undone, that's just not a good message for the world, right?
Yeah.
We're still part of a broader universe out there. I wonder if that's maybe a reason why maybe that the tariffs can't go to zero, even if they erode a bit. Probably some limitation on how much they can change.
I do think it is informative to look back at the effectiveness of the tariffs over this time period. When President Trump first put the tariffs on in 2018 at 10%, with, in the beginning, no exemptions or no exceptions, you saw a wave of investment. We invested. We brought on production. A smelter in Missouri came on and brought on production. You saw U.S. production go up by many tens of percents over that time period.
As exceptions were made to the program, the program became less effective because as soon as you grant a country an exemption, they're fully incentivized to send all their production in through the loophole, and that's what happened. You had what had been thought of as allies, Australia, Canada, flooding the U.S. with metal under these unregulated exemptions.
I think what you've now seen with President Trump in this latest iteration is they realize that. Once you have those exemptions, the program becomes less effective. Once they restore the full program with no exemptions or exceptions, we've seen a lot of investment coming in, and for the first time, we're going to see this brand-new smelter get built, which is multi-billion dollars worth of investment.
I think the proof is in the pudding, and I think they see that and understand that. You're right. We need consistency. I can tell you our partner, EGA, in the new smelter, that's part of an overall commitment from the UAE in investments of, I think, over $1 trillion of investments the UAE has committed to invest in this country. I think it is part of a broader scheme to drive that real industrialization, whether it's coming from U.S. capital or capital outside.
I forgot to ask. One question we've gotten is around the UAE, and obviously they've been Alba and EGA affected by smelter hits around the Iran war. What's your observation about their level of commitment to this smelter?
They've been totally committed. They can speak for themselves, but our interaction with them has been fantastic. We've known EGA for a long time. They've been completely committed. I think more than anything, this disruption in the Middle East shows to everyone the importance of having investment within the U.S. This has been a key market for them for a long time. I think they're really excited. This isn't their only investment in the U.S. They've also been investing in the secondary side. In reality, I think if anything, it's enhanced their commitment. I think they've always been totally committed, but it's just reinforced the investment thesis to invest within the U.S., this disruption we've seen.
I think globally, that's one thing that, some of the things we talked about earlier, we had this long period of overproduction, which meant that when disruptions like things in the Middle East or Russian sanctions came online, we didn't see huge price fluctuations because there was just this oversupply coming out of China. Today, with the outage in the Middle East, global inventory is coming down towards five weeks of inventory, basically the lowest we've ever seen it. Any disruptions going forward are going to have a much bigger impact on the price. We're really, if we're going to avoid that, we need to bring the investment into the U.S., and that's kind of what we're doing.
Okay, fantastic. Let's drill down into Century a little bit more. What's the latest with the Icelandic smelter restart and the insurance recovery? I think you had said it's just lagging a quarter.
Yeah.
That was why in our first quarter call, you identified a lot of cash yet to materialize, and that was one of it. How's the restart operationally going?
Yeah. You got it exactly right. The good news is the restart is all on schedule. We've said it should be basically fully up by the end of July. There's a little bit of amperage increase, which will wait till Q4, but this is very small volumes. Overall, most of that tonnage, the vast majority of that tonnage will be online by the end of July, all on schedule there. You're right. What you see today is because we're recovering all of our business interruption losses under our insurance policies, the cash is lagging. You have cash spending now on the CapEx, and the cash returns, which come from the insurance policy in this case, are lagging by about a quarter.
Over the next couple of quarters, what you're going to see is our CapEx numbers go down, our cash outflow is going down in CapEx, and we'll continue to have some insurance recovery. You'll see this even better than normal EBITDA to cash flow conversion because those insurance numbers will come in.
The 45x dollars also lag a bit as well, right?
Exactly. 45x, well, we account for it in EBITDA quarterly. The cash actually comes in in one check, after we file our tax returns. It's a rebate, if you will. That, we expect, we said on the call, hopefully by the end of Q2. We haven't got it yet. Hopefully by the end of Q2 still or early Q3.
You got two weeks. Yeah.
I'm looking at Pete here. Yeah.
It's the government. I don't know what you can do there.
We got two weeks. It'll come in.
When it comes in, yeah.
When it comes in, I think people know what it is. It'll be $94 million coming in.
Okay. How's the Mount Holly ramp-up going, and can you remind us the timing to full capacity?
Yeah. Mount Holly also fully on schedule, and that schedule is it should be at full capacity by the end of this month. Everything's looking good. Most of that production is already online, the way we bring it up incrementally, and the last tonnage should come on over the balance of the month.
Okay, fantastic. All right. That's kind of the overview of some of your operations. Okay, I think we talked about shareholder returns. I think we talked about Section 232. The Hawesville sale, if you can remind people the structure of that.
Sure.
I think you guys led the way. There's some others that are trying to also sell power agreements via idled aluminum, steel capacity. You were at the forefront. I know it took a while. We were all talking about it for a year and a half prior, it turned out to seem like a pretty good deal. Maybe just remind us what the structure was.
Yeah, we were very pleased. Ultimately, we sold the site to a company called TeraWulf, a public company. Many of you probably cover them. Great operators, the way we structured in the end was we received a $200 million cash payment up front, then we retained a 6.8% interest in the fully completed data center. What that means is that TeraWulf will build the data center. We don't have to contribute any additional capital to that. Once the data center's complete, we'll have a 6.8% interest in the data center. We also negotiated just to make sure we had liquidity on an exit in the backside because unfortunately, we don't trade at the same multiples as TeraWulf does. We have a put option on the one-year anniversary of energization of that data center.
TeraWulf has said they hope to have a lease agreement signed by the end of Q2. We'll wait and see there. Two, they hope to energize the data center in the back half of 2027, which means our put option right would be in the back half of 2028. At that point, we'll have three options. One, we can sell to a third party our interest. You could think things like infrastructure funds, et cetera, that are interested in a cash flow stream from a high-quality hyperscaler counterparty. We can put that interest to TeraWulf at a negotiated price, or we can keep the cash flows ourselves.
All right. Happy to take anybody's questions. I have one. Jesse, this seems like a pretty good setup. It's definitely the best I've ever seen in my briefer time covering Century. What could go wrong? What keeps you up at night?
I'm a worrier, I worry about everything. I think that's part of being in this seat. We think about both the future and also the current. I agree. I'm also pleased. I'm sleeping better than ever today. We have a setup that looks really good. I think people are sort of underestimating the durability of this current setup. We're going to be at five weeks of inventory. To raise inventory levels back to six or seven weeks, you're going to have to find three million tons of surplus from the three million tons of deficit we have today. Surpluses don't come around like that. What you really have is you're going to have to have many, many years of surpluses in order to bring inventory back to the previous all-time low level from the all-time low levels that we are today.
I think that's a very durable setup globally on the macro for aluminum. I think we're just really well-situated sitting here in the U.S. and Europe, selling into these critical supply chains that are important to both national governments.
There's been a few talks of restarts, like Slovalco came out lately. That's 175, so not huge. I heard MAG 7 could come back. I don't know how. People are in Venezuela talking to those guys. I don't know what state of the aluminum market is down there or smelter capacity. Is it still too small to get to that 3 million surplus for sure, but too small to think it can move the needle enough to dent the current dynamic?
Yes. I mean, we're talking about a 75 million-ton global market, MAG 7, I think the max they can get to there is about 140. Venezuela is obviously very difficult. There's some operating today, it's a little bit in the market already today. Very low tonnage, really you're going to need to see new builds in order to build what's necessary. Remember, we'll still have global demand growth going over this time period. That's been very durable in the aluminum space. I can tell you my most bullish downstream customers are in the power infrastructure and data center space. Same as everybody. They're calling for more aluminum into those verticals as well, and that's incremental to the kind of the 1%-3% demand growth we've had for decades now in aluminum.
Next slide deck, we need a breakout of that.
Okay. Yeah. We'll start to get into that. We've been micro-focused.
Aluminum in the data center.
Yes.
We need to see that. Yeah.
Yeah, I know.
Homework for y'all.
She told me that earlier. Yeah, it's big. It's great. We're excited.
Okay. Guys, our time is up. Oh, we have a question. You want to see if we can squeeze it in? Yeah.
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Yeah, sure. We haven't come out with a CapEx number yet on that project. We're in the final phases of the engineering work with Bechtel to do that. To work through the economics, Timna, maybe you can give me a number. I'll take that.
I heard Bloomberg reported $6 billion.
Okay, let's take $6 billion just as a demonstration. We've got a $500 million grant, let's take that off of the $6 billion. That takes you to $5.5 billion. Under these government programs, generally you can finance 60%-80% of that at very attractive rates, basically very close to Treasuries. Let's just say if you could borrow at Treasuries, you finance as much as you can. Let's take 80%. You're down to about $1.5 billion of equity that needs to go into this project. You break that out 60/40 between us and EGA. We're on the 40 side. Now you're at about $600 million of equity that needs to go in. Most of that capital spending will be in the back half of the build.
2027 will be largely permitting groundwork, 2028, 2029 is when most of that's going to go in. You're looking roughly $300 million a year those two years of Century's equity check. We just guided in Q2 to a $315 million-$335 million quarterly EBITDA, and we said if you mark that quarter to spot, it'd be about $400 million of run rate EBITDA. You can see it's going to be very easy for us to finance our equity side of that investment.
Ballpark figure.
Yeah.
Good stuff. Thank you so much.
Thank you. Thanks a lot