We mean the same thing, but differ on terminology. A price/contract today for delivery in 3 months. That's a future. The COMEX HG1! basically reflects the 3-month copper contract on the LME.
I'm sure MLX has an arguable position. And I'm also sure Capricorn Copper also have an arguable position.
Only MLX and EMR know how the condition has been exactly worded. If there is ambiguity and differing opinions, they'll need to negotiate a middle ground or settle it in court:
1) 6 months continuously above A$4.20/lb; or 2) 6 month average above A$4.20/lb (any continuous 6 month period).
Take your pick. It's a strategic move by MLX to announce their position, in my opinion.
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