Ann: Diggers & Dealers Mining Forum Presentation, page-29

Hey DB,
the paper price is indeed moving around more than usual. It is interesting that investors might view such a large fall as extremely worrying, yet... the price of oil, the most used commodity on earth, moves upwards of 10% many days a year. 5% many times and month etc.
The POG has been extremely stable for months. Anyway, CAI have ensured they are basically able to ignore such movements, due to being fully funded and hedged (hedge is now actually in the money). Hence why we both hold I assume
Not that the POG won't have an effect on sentiment. Will be very interesting to see what happens.