why would CCU hedge at $23. It appears to me that they do not...

why would CCU hedge at $23. It appears to me that they do not need the banks. :-)

Previous cap raising a roaring success.

I'd prefer very very limited hedging or none at all. The upside of silver is too big, silver could be $100 an ounce when CCU starts pouring this year, thats enough prof for rapid undiluted aggressive expansion to get as much of the high price action as possible.