Jetson, again, no. The hedging is 180,000oz per quarter, with the first delivery due in December.
I don't like that last line in the ann. Ian Lawrence doesn't seem to understand hedging. They don't need cash to repay the debt - they need silver. If they don't have the 180,000oz to deliver, they have to buy on market. (which means they might have to pay $33 per oz, to satisfy a hedge taken out at $29.60)
OK, so these transactions are usually settled in cash, but until we reach the payment date IL doesn't know how much cash he needs.
Wonder why Trevor didn't issue the ann.?
CCU Price at posting:
34.9¢ Sentiment: None Disclosure: Not Held
