Ann: Trading Halt , page-41

The halt was just dramatic, certainly not needed;.....

..unless they had only unwound part of the hedge to start with, then finished last night/yesterday.

I'm pretty sure that's what it was about, yes. AOH are not a dramatic company (to put it mildly - sometimes a bit more drama wouldn't go astray). I suspect they anticipated the closing of the hedge might not be finalised overnight, possibly due to time zone differences with Europe, and the TH was probably just a safeguard against an ASX breach on a technicality rather than anything critical.

If price stays down, and the mine goes cashflow negative, then they can slow the plant down to only profitable grades of ore... It looks all win win for the company to me.

Explain to me how being forced to slow the plant down in a possibly prolonged period of depressed copper prices is in any way, shape or form, a win for the company?

Face it, it would be better to deliver into the hedge in those circumstances. If copper prices drop significantly it's a LOSE for the company. If they don't, it's a win for the company.

So it's not win-win. It's just leveraged the company more heavily to the copper price than it was previously. And the fact the hedgers were willing to pay so much to close it out suggests where THEY think it will go.

I was happy with the closing of the gold hedge but this is a bit more risky. AC better hope he's read the copper market better than the hedge guys can.