45m debt w macq needs to be extended by dec08 , page-2

Copperco could sell other assets to cover the loan or they could sell their hedges. They are well hedged. See extracts from earlier brokers report below.

Margins protected. Although we are forecasting copper prices to hold at or above US$3.00/lb for the next 40 months, if they were to fall, margins have been protected by A$ based hedging that covers ~42% of production for 3
years at A$7,230/t (US$2.78/lb @US85¢).

 Debt repayments protected. Based on expected cash costs this hedging
should enable the company to generate sufficient cash, net of the hedging
cost of $90m, to extinguish debt by FY10.

Angers