Ann: Fenix Enters 12-Month Hedging Arrangements, page-17

i just did some quick sums, just roughly yearly output 1m tons., I know it's slightly more than that.

So, 450k of that hedged

At 170usd per ton that's $76.5 million.

At $200 that's $90 million.

At $230 that's 103.5 million.

So if iron ore averaged $200 a ton for the next 14 months, and I'm not so sure it will stay that high for that long, it's only going to cost them 13.5 million by hedging. If it averaged 230/T which i can't see happening, it would cost them 27 million over that time.

Am i correct? And they will still be getting market price for the other 65% of what they sell.

Doesn't sound that bad at all. Certainly adds some stability to the cashflow and business imo.