A comparison of received prices between HGO and A1M … whilst there may be some variations in recieved price due to timing in the qtr and individual agreement it is a good indication of the low priced hedge drag on revenue. Sept and especially March qtrs show much greater variation whilst we delivered into the hedges.
June 14,451 vs 14,762
Sept 12,887 vs 13,277. Hedging in Sept Qtr HGO received negative approx $400 less per tonne.
Dec 13,963 vs 13,814. No hedging in Dec and HGO exceeded received price by circa $150 tonne.
Mar 14,137 vs 14,966. Hedging in Dec Qtr HGO received negative approx $830 less per tonne.
Whilst hedging can be at times prudent it shows just another issue Bob has to deal with in the short term.
The June Qtr should be a meaningful improvement against the average copper price received based on the investor call.
A1M.
HGO Price at posting:
3.8¢ Sentiment: None Disclosure: Held
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