As far as I can tell, as long as they sell US$345 million worth of ore this financial year, the only problem with the hedge is that they won't make as much profit as they would've made without it.
By the way, from the annual report, does anyone know what "All mark-to-market movements in cash flow hedges have been assumed to go to equity as the profit and loss impact for any ineffectiveness unwinds over the derivatives' life".
Does that mean the lost profit due to hedging comes out of the equity statement as opposed to the profit/loss statement?
merrills rates it a takeover target, page-21
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