Ann: New Century Executes Major AUD Zinc Hedging Transaction, page-8

Another company that thinks it can outsmart Macquarie. Many have tried and all have failed.

Hedging is like taking your wages down to the casino every week, and expecting that your "system" will beat the house, week-in week out.

Zinc treatment charges have been on a downtrend for a while due to a lack of concentrate (Covid disruptions to mines in South America and lack of any investment in new Zinc mines). As to how this hedging interacts with exchange rates will also be interesting. I hope that NCZ hasn't given away all the upside in exchange rates as I can see a good potential of US home grown inflation, and increasing interest rates in the USA sending the USD through the roof, and thus the AUD crashing through the floor which is good for Australian exporters like NCZ.