BlythefanThanks for your comments. Aware that leaching starts...

Blythefan

Thanks for your comments. Aware that leaching starts pretty quickly (from memory their ore as about 60 days gets them the majority of the contained copper ) - my point was that the extra volumes of dirt being moved in excess of what is required to replace what has been leached will be having a drag on cashflow ( contractor will want 30 days - they won't get the cash from Glencore for some time after this ). Inventory build always hurts your cashflow.

Diesel & Sulfur prices coming off will help - power is from the grid so they have been lucky in that area for the last 12 months.

Hedging is always a hard one - the AUD hedge looked really good when AUD was pushing parity. I agree some put options in USD would have been prudent - though I can't recall seeing any other miners that bought puts at high prices. Much of their hedging was undertaken when they drew down the finance for Lady Annie - from memory they got about the 3 month LME price on average at the time.


Cheers

Baraka