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Messages: 4394
Inscription: Jeu 30 Juil 2009 16:48
Localisation: la seyne sur mer
Plus de hedge pour kansanshi depuis fin jin 2009
As a result of the sharp copper price falls in the last quarter of 2008 which severely reduced profit, the Company decided to hedge up to 50% of targeted copper production for a rolling six-month period to protect against possible downside risk of a further decline in the copper price in Q1. The Company used a zero premium, put and call strategy to achieve a guaranteed, minimum price (put strike) over the hedged quantity while still participating in favourable price movements up to a capped, ceiling price (call strike). If the copper price closes between the put and call strikes during a hedged period, the Company will receive the spot price for the amount it has hedged.
The outstanding positions as at June 30 comprised 45,500 tonnes bought puts at an average strike price of $3,512 per tonne ($1.59 per pound) and 51,500 tonnes sold calls at an average call strike of $4,105 per tonne ($1.86 per pound).
The hedging program is regularly reviewed in light of the prevailing market conditions and economic outlook. The Company has not added any hedging since June 30, 2009.
page 13
http://www.first-quantum.com/i/pdf/NR09-23.pdf
les bénéfices du trimestre juillet / septembre .. sont donc excellents.. on va faire un peu plus de 20 M $ sur ce seul actif durant le troisieme trimestre...
les bénéfices pourraient être supérieurs car il y avait plus de 30 000 tonnes de cuivre stockés à kansanshi...et le prix de l'or a fortement progressé sur la période...
Le trimestre en cours sera encore meilleur si le prix du cuivre se maintient sur les niveaux actuels