The only loss generated would be the premium paid for the options, which at 12% out the money wouldn't be much. Not A$10m as you presume. Options are used to hedge. The mine is highly leveraged to AUD/USD rates so its smart to manage that risk. If the AUD rips above 85c then they protect those losses up to USD68.5m worth of sales.
Quite much calling the retiring CFO F. moronic, when you don't know what a put option or hedging strategies are.
Forward cover of exchange, page-2
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4.1¢ |
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Mkt cap ! $243.5M | |||
| Open | High | Low | Value | Volume |
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