copper leads metals gains , page-8

Savadamoney and Angers...

Yes there are hedges that were put in place as part of the debt package to finance the Lady Annie project. They were forwards at an AUD price which from memory was an average of AUD2.58lb. They covered around 40% of production for the first 2 years, again from memory. So the company has been exposed to the upside from a materially higher AUD spot price throughout for around 60% of their production. All of the increases from 19ktpa to 30ktpa are unhedged.

I do not know how much hedged exposure remains but as they have been in production now for almost a year I expect they only have around 9,000 tons still to deliver at the hedged price. But please do not take my word on all this if it is important to your investment decisions. I imagine it is available in their last half yearly report.

regards
DF