silver hedging, page-5

I am happy to just take spot for the remaining silver that will be produced from Fossey. Not really worth putting in more hedging, who knows whether silver is going up or down from here.

As far as the tailings go, if/when this gets closer to production then I would prefer that bsm pay for a collar similar to what AYN (or was it ccu??) have done. While it would cost a fair bit, it provides a hell of a lot of security to the project and would mean we could be a lot more comfortable with a higher level of debt financing for the project. It would protect us from any downside in silver prices, meaning that the risk would then lie for the most part in the technical side of the project - which as I undertand is very technical and difficult.