It was good but unfortunately they locked themselves into iron...

It was good but unfortunately they locked themselves into iron ore hedges with no optionality attached. They did likewise with the Australian Dollar. Although it didn't affect Dec qtr, the fixed hedges they did in preparation for the Mar qtr were a bit underwhelming.

This was why the Mar qtr 17 was not as good as it should had been.

Hopefully their hedges are flexible in nature this time round with options attached so we can participate in upside.

We have lump premium hedges still for this qtr at 0.325 dmtu which will greatly assist us. Last year dmtu decreased to single digits during the Mar 17 qtr.