Pasminco went broke because it had a mismatch in their hedge positions. If it had balanced it’s zinc and US dollar positions they would have been covered.
ie when the zinc price fell it would have been covered by a weak US dollar.
instead they only covered on side of the hedge.
They relied on bankers forecasts and took a punt.
Hedging is good if done properly
Pasminco went broke because it had a mismatch in their hedge...
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