quarterly out, page-47

buddy, the company hedged against the falling AUD by buying USD when they signed the contracts for the supply of stuff in USD. So they are covered for that.

What they aren't covered for with the falling AUD are their costs, most notably Diesel for the trucks, excavators, power stations and transport, and the chemicals used in processing, all of which are also priced in USD.

So from a profit point of view you are right, much of the increase in the Cu price will be lost to expenses.