Ann: Fenix extends Iron Ore Hedging Cover, page-15

Got a mention in * now too https://unauthorised investment advice/resources/ground-breakers-few-safe-havens-as-global-growth-concerns-hit-metals/
Given the uncertain future very prudent for such a small operation to lock in hedges. We'll hit cash backing by the end of the year and then SP has to at least appreciate with incoming cash flow provided management don't go acquiring something crazy. Having a strong balance sheet heading into the future could prove valuable given how difficult its getting to raise funds. Time will tell whether the management team is able to stay patient and look for a bargain rather than expand for the sake of it. If we do start trading below cash, they should really be thinking about setting up a buyback scheme, they won't find a more certain investment than themselves in that case.