Jun22 quarter predictions, page-35

I must say I'm shocked by the fact that there has been no announcement on hedging - I was expecting that as soon as the Round Oak transaction was completed on 1st July that they would have completed an appropriate copper hedging amount that night overseas covering a period of at least twelve months.
They have told the market that they'll be spending $210 million on CapEx in FY23 and so needed IMO to protect this plan by guaranteeing the price they get for a significant portion of their major produced commodity.
AIS has only ever been a marginal producer - in the Mar22 quarter their copper AISC was A$5.94/lb and they received A$6.26/lb on a payable basis. Now copper has slumped to A$5.15/lb today - how on earth do they expect to finance the proposed CapEx spend for this financial year when they only had around A$70mil in the bank on 1st July after paying for the Round Oak transaction.
In my opinion they had a very urgent need to finalise this copper hedging last Friday night in London through an agent such as MacqBank and hedging needn't be an expensive exercise if you use zero priced collars with put and call price levels as they've used last time when hedging copper.
I think Management have failed shareholders with this decision not to hedge immediately on completion of the transaction. They are only gambling by waiting.