Closing the hedgebook and reducing debt is a positive, but we...

Closing the hedgebook and reducing debt is a positive, but we already know they are not profitable at these levels. Even with the Ball Mill they may still struggle. I don't think reducing the debt is not the best use for these funds at this time.

There best route is to close the hedges but retain the earnings as operating capital. Hopefully there will be enough capital there to fix the problems and get the plant 100% operational. By the time they do fingers crossed the silver price has recovered and they earning at potential.

If CCU uses this opportunity they will have saved shareholders further dilution and assisted the company greatly. If the silver price doesn't recover, well they'd be stuffed anyway.