policy of hedging 50% at us$1.45/lb copper, page-25

the quotation pricing system that forced the SPP early this year will have worked in favour over the past 5 months with a rising copper price, the June 30 accounts should show a nice little asset here reflecting the difference between the copper price on the sale date and the final pricing date. Copper concentrate shipped 3-4 months ago being priced at approx todays price less TC/RC and impurities deductions.

(of course this will be partially offset against the 50% hedge)