Ann: Trading Halt , page-40

Ozblue - precisely. No debt and hedging on owners terms is the only way to go. Hedging linked to project finance is usually toxic should there be any unforeseen production issues and is put in place at the insistence of investment banks to mitigate credit risk and provide them with more revenue. The high EUR and fall in copper has provided AOH with a great opportunity to escape and redeploy its strong balance sheet to more beneficial risk management initiatives.