hedge losses and liabilities

Some disturbing information in the latest announcements. It appears there was a $6.5M hedge loss up to end December with a further $15M hedge losses incurred to end March. This is $21.5M lost due to hedging - I thought the purpose of hedging was to protect the company from a decline in iron ore price!!

The financial position looks pretty dire with trade debtors of $41.4M, loans of $92.6M and derivative liabilities of $46.5M. This has all occurred in the last 6 months. Without a considerable improvement in production and shipping WDR is not looking very healthy.

DYOR