supercruiser,as per the Annual Report, the copper hedging they...

supercruiser,

as per the Annual Report, the copper hedging they have already entered into is out of the money - that is, they are sitting on a paper loss with it and would have been better off not having bought it yet. I was hoping at the time that it was a prelude and pre-requisite to an FID back then. It seems not. It looks like it was pure currency speculation.

Yaq

There is one bizarre irony, and that is with all the delays, and whilst creating a costly opportunity cost, it has allowed the copper price to rise further. So hedging now can be locked in at a higher value than before. It is 'the irony of non-mining' in a rising market.