Tin price, page-106

As far as I know, it's not one or the other. They've got a series of: forwarding sales; put's call and collars to underpin minimum cash flow and are more open in the longer term as befits a professional miner. I'm not going to say more a sit's a pretty emotive topic.

I can draw a parallel to gold where when the price was going up (especially in the small miners) everyone was screaming management 9 and I) were fools at not leaving the Au price open to the upside. When it turned. they 'forgot' about what they said.

The hugely positive thing for MLX is that it has say 12 years of reserves and resources of Sn. That's a lot more than others in Australia and as long as they can produce they can deliver in hedges all day long knowing where they stand. Usually a mining company replenishes it hedges and sets the Call & Collar options so that it minimises the cost of the hedge and leaves it sufficiently open to price upside. In MLX 's case with convertible notes copper Upside too.

All IMVHO.