Hedging is a double edge sword. In my opinion they did the right...

Hedging is a double edge sword.

In my opinion they did the right thing in locking in a fixed price for some production. I have known mines to lock in a large percentage of their expected annual production costs with hedging as a way of guaranteeing survival in a market that could change dramatically at any time based on any world event.

So whilst at this time they are behind, they have certainty over some of their expected production.

Griff