You should count the hedge book if you're looking at the company...

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.