forward sales at us$7, looks smart play

I notice from the annual report that 50% of rest of 2005 sales are forward sold at US$7, vs the average price for the whole of last year of US$5.77.

Notwithstanding some move in the exchange rates, that sounds like a pretty good rate. And spot prices have continued to be above $6 since start of the year.
Also production levels should be higher this year as well.

Be interesting to see what the qrtly report says. It must be at least as good as the Dec one.

PSA is friendless in the market at present and looks like it will test $1. They need to beef up their PR.