thank you lemmings and shorters, page-55

If they have hedged their forward sales at a much better price then why did they need to try and sell part of LH? Why the need for recent desperate cap raising as such large discount? Could it be the large debt hanging on the balance sheet? Could it be a falling U spot hence a drop in profit margins? Hence a much more difficult task of servicing the debt obligations assuming they can generate some net positive cash flow at the end of the exercise?

I am not scarring anyone here but I have contemplated entering today. The problem is I can find any good reason to. Same dillema with the FMG collapse last year only to be save by the spot IO being so strong against consensus!