It does allow them to effectively lock in another 5000 tonnes at the current prices. Brings them out to 17000 tonnes locked in at around $8,800 which is $150m in revenue (presuming they can mine the ore!). So it might just be a cheaper way to hedge than providing margin against traditional hedges. Not sure what their margin level is but probably somewhere around $5m to $7m on the 12000 tonnes ?
The State loan was near due for payment and who knows what conditions were on it (eg no dividends before repayment). 7% is not exactly a punitive rate on the new facility.
Hopefully just clearing the decks of the conditional debt and locking in as much as possible at the current prices.
It does allow them to effectively lock in another 5000 tonnes at...
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