nickel price, page-8

Blythefan,

My reading of it is the currency hedges are only to cover the Brazilian currency component of their CAPEX, so that they knew what the final USD cost would be. Unfortunately they lost the opportunity to build the plant cheaper.

But then they have also safeguarded some of their income in USD (with the pon hedges) - very prudent in hindsight.

I would say all up they have acted prudently, even if there have been swings and roundabouts.

EL