Mikayla:"Any hedging at at US$1.45/lb copper now is not good...

Mikayla:

"Any hedging at at US$1.45/lb copper now is not good with a copper price at US$2.50/lb."

I tend to disagree:

A management that did not hedge back on 31 Dec 08 would not have been doing their job, this is a case of dammed if you do, dammed if you don't.

How about we call it "now not convenient"?

.........

"Would like to see the extent of current hedge book."

I agree. Until we do, I shall consider that 50% @ $1.45 and 50% @ 2.50 equals 100% @ $1.98, and that is still $1.20 a lb over production. With 100% sold, now a moot point, but back in December 08, a very good management decision.

Just a month ago, $1.98 was the benchmark destination.

I'll stick with management on this one.

Stu