I'm not entirely negative about refinancing. Copperco has a...

I'm not entirely negative about refinancing. Copperco has a hedged income stream for the next 2 years. Hedged prices are not much below current spot prices.

But yes it is a concern. But it should happen. Existing stake holders have no incentive to let this fall through the cracks. Liquidation value is minimal in this market, whereas operating value is much more.

Furthermore Copperco's continuing explorating and development would be irresponsible if they believed refinancing might be in doubt.

But we can never rule anything out in this market.