It is not a risk mitigant if you haven't hedged your costs. Particularly diesel/fuel oil which IS able to be hedged at least for the short term.
A reasonable hedging programme is to do a fixed proportion for 12-18 months forward on a regular basis at a fairly fixed percentage of expected production.
Not a huge proportion locked in for years in advance. That IS trying to predict the price. Namely that you think it is going down.
Ann: AGM Presentation 2022, page-4
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