prudent hedge protects against market turmoil , page-4

Correct on the hedging bbloff..........$80M in the money. Quarterly figures will be out shortly and there's no nasty surprises.

By increasing production levels, it helps PAN reduce it's production costs, that's why they wont scale back at this point in time.

About $90M in cash and receivables from memory.

On the subject of dividends, I can see no way they can be sustained at the levels we've seen over the last couple of years, (in dollar terms). But they will make profit, and along with MCR and IGO, they're well situated to weather the storm and be one of the leading producers in years to come. Things might get uglier in the short term, (or we could be near the bottom), but I see value here at 80 cents.
I'd hate to be in MRE's shoes at the moment.