Interesting that they use the terms “will realise average price of A$25,000/t.” This implies that it is after smelter TCRC’s.. if this is the case I think it’s a decent price to hedge at. I figure it’s around US$8.60/lb that they are hedging at (assuming $0.9/lb TCRC), which is well above the spot price of of US$7.65/lb... hard to tell if the hedge is net of TCRC though..
Ann: Completion of A$35 Million Loan Facility, page-3
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