Hey buddy. My understanding is hedge protects downside IO risk for the first 3 shipments (~150k dmt). If IO price blows its top, FEL will be able to take full advantage after the third ship. Also, the 199 top is based of 62% grades. FEL averaging grades greater than 64% so it should fetch a premium on that which may be around $210 per tonne. Highly profitable.
Hey buddy. My understanding is hedge protects downside IO risk...
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