Ann: Fenix adds to iron ore hedging cover, page-32

Thats not the point of hedging though. Not many companies go into hedging agreements to maximise profit, but its designed to minimise and protect to the downside. Its a risk / reward measure, and hedging is purely related to risk mitigation. Its 1 of the things thats always been attractive about FEX is their ability to hedge and protect against large scale falls. They are actually very active with their hedging too, which means they are being flexible with the way they approach their hedges based upon the prevailing IO price.