NCZ - The Boulevard of Broken Dreams, page-17

Im no mining expert (not even close to knowing how this industry works) but from what I can tell for the next two years to June 2024, the hedged position vs the market rate for Zinc makes a 7% difference to the revenue of NCZ. ie if they sold their production of 120kT PA at market they woudl generate $1.08B but the hedged portion take sit down to $0.994B.

But the flutuation in the price of Zinc compared to the hedged value of production sits ont he P&L as a large non-cash loss item that distorts the true cash generating capacity of the mine.

Am I wrong?