Refering to Investor Presentation - Share Placement 19/01/09 page 5 under the heading 2009 Project Cashflow.
PNA have in place a policy of hedging 50% from 31 Dec 08 of Quotation Period exposure at US$1.45/lb copper to be managed through 2009 Cu sales.
Any hedging at at US$1.45/lb copper now is not good with a copper price at US$2.50/lb. Would like to see the extent of current hedge book.