Ann: March 2014 Quarterly Activities Report , page-34

JS

All anyone needs to worry about in terms of the hedge is that they can deliver the amount. It is only 28% of their ore reserves. And yes depending on termination clauses in the contract there is no reason why they can not pay early. What seriously do you think that the banks are going to scoop up a possible 176M windfall on a 29.5 M debt. Get real! The hedge is simply security nothing more nothing less. And the fact they now only have to pay 13M in dec 2014 instead of 23M is great news for all. And if you think the average investor cant read a spreadsheet and discern the lack of cash flow because of a reserve in a hedge, well continue on with your rant, as other have noted.