investment briefing on now, page-8

You should count the hedge book if you're looking at the company in liquidation. If you liquidate the company you have cash+hedge book - liabilities + nickel mine. MCRs point is that if you were to sell the business today then the nickel mine is valued at about 4c a share.

Another way to think about it is that they could liquidate the hedge book and collect the cash which is why it's considered a cash equivalent.

The final way to think about it is they could use 50m of cash today and put on Nickel hedges and report a 2nd hedge book worth 50M and no cash. It's all the same thing.