set to be largest pure silver play on the asx, page-40

muppet, why do you say that CCU are unhedged?

The 1st March 2011 announcement states that "The project loan has a term of 3 years and will require the company to hedge a minimum of 30% silver production over the period of three years".

So that looks like 30% of 2.5 Moz for three years is a minimum hedge of 2.25Moz, to repay a loan of $22m and to cover cost overruns, working capital and bonding/guarantee requirements.