"This will lead to a small delay and more shares on issue...

"This will lead to a small delay and more shares on issue but.... on the positive side this would in turn mean the company could remain debt free and hedging of silver output would not be required."

Well said..I am with you on this...

I think it is possible the bank may be trying to screw CCU on a hedging contract. From memory the Puts that that were bought will expire on production so a financier will almost certainly want some insurance in place post start up...or have I got that wrong