They actually hedge A LOT more than that, see slide 10 of the half year report presentation, looks like 75% usually.
PowerPoint Presentation (rameliusresources.com.au)
Although they again refer to a lower current percentage of future production hedged (25%), in fact they still always end up hedging about three quarters of that in the year before production. So it's just an illusion of reducing hedging dependency really.
They actually hedge A LOT more than that, see slide 10 of the...
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