Wayang you write
"Whilst 18% reserves are hedged my sums show 30% of production hedged till Jun05 and 38% hedged for 05/06 at a price $1000 pt (aprox 30%) lower than spot. Albeit with say 10% fx gain."
$1000 ptonne sounds very cheap sure you got that right? I would think the minimum they would hedge at would be around A$2500 a ton
The company also sold forward 43,800 ton of CU to Sempra @ A1.49 a # which is around 1/5 of their minable resource quite a silly move IMHO
I wish I Knew what their production costs will be?
I suspect production costs may kill this venture combined with their financial mismanagement TIME WILL TELL
Wayang you write"Whilst 18% reserves are hedged my sums show 30%...
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