Hi RSAHI did ask RT about the hedging policy and he assured me...

Hi RSAH

I did ask RT about the hedging policy and he assured me they were not considering a policy of Hedging beyond a level of 20 - 25 % of production hedges at a margin of around the figure you are referencing.On Rotowa

I must say while I don't like leaving the money on the table a hedging policy over less than a qrtr of production does not concern me. In fact I am quite supportive and so I did not probe beyond this answer

The mood in the room seemed to agree that the projected profits are on the low side. The old chestnut under promise yadda yadda yadda.

On Rotowaro; the strip ratios are quite onerous so the clients have been asked to pay hiher prices to preserve our margins. So you are correct perhaps someone did not jump on board.

On Solid your answer may be in the fact that when the family did the transalpine on Sunday gone we saw no rumbling coal trains apart from a lone idle train stationary at greymouth. Perhaps we are not running 7 days a week like the Solid management were doing. This would go along with the costs that have been stripped out of the tonnage production cost. Keeping shift penalties to a minimum. But ultimately this was not discussed.

More later