Beast, Yes MBN has some hedging but only 17,000 tonnes Ni and...

Beast, Yes MBN has some hedging but only 17,000 tonnes Ni and 9000 tonnes Cu, recommend reading report 2/2/09 page 4 to get an idea. Basically at 31st Dec 08 Ni /Cu hedging was positive $us102 million and currency hedging was for construction negative $us39 million and for ongoing costs negative $us27 million. However as pointed out by another hotcopper user the construction hedging just means they get 15% less work done for their money its not a loss as such but just a less bangs for your buck the same for the ongoing costs.
Dont forget MBN is planning to mine 25,000 tonnes p.a so the 17,000 tonnes over 4 years is only 20% of expected production the rest will be at market rates.