Nice announcement. Now let's parce it out.
Bad News: The contract is a spot price contract so just like a variable loan it will be re-worked with the market prices. That means that with copper spot at about $1.54/lb and their costs at $0.90/lb, the margins are slim and slimming even more.
Good News: there is a big part of it that is Gold-based so that is a good thing. Also there is a long-term component that starts in 2010. In this market that is a long way away, but we will see.
It would be nice to know who the trader is. Perhaps it is Goldman Sachs, getting a bit of a fee to offset their 5mil underwater options.
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