I really wouldn't worry too much about their current hedging programs as they only have about 30% of planned production hedged and even though it's currently slightly out of the money it's nothing to be alarmed about. The sensitivity factor I'm guessing is if the copper/gold prices rise 10% from here then we end up with net overall prices rising 7%.
Last FY copper hedging cost them a bomb but that's not going to be repeated this year.
Our main worry this year is probably how much they are going to miss their planned copper production targets.
Dec quarter predictions, page-50
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