Ann: Resources Rising Stars Gold Coast Investor Conference, page-186

I am not ignoring IC at all but IC does not have the mining expertise background of these deposits and it is you who ignores what ALK (Nic and Ian I think) stated that they don't have enough understanding of UG mining methods of such deposits.

When running such large exploration project and targeting ore body and you are not familiar with how it will be mined you clearly have capability gap. That should have been recognised by the BoDs and IC should have put his hand up and say it. It would have helped to bring another director with relevant experience that would have helped with the exploration strategy in order to make the project more appealing to potential JV partners.
The above is yet another sign of extremely poor risk management. I really wonder what the Risk Commitee at ALK does when they meet? Play bridge?

Regarding the hedge-book it is self-explanatory just look at the price they took. They had options and for that see Joel's explanation and my own option which is part CR and part hedging which would have trigger ALK to only hedge for about the half of the current amount.