Hedging: 900,000 oz @$23.50 is not a great deal for CCU, more likely a requirement from the bank for maintaining existing loans which 9 months ago was hedged at$29 oz.
DML hedging was @$35.87 oz US They are $56m in the money.
If the price of silver goes above $23.50 they are out of the money.
Sons of gualia (St Barbara) went bankrupt through being unable to meet hedging commitments.
