Yes, the operative word is HAD. Past tense of HAS.
That was before 9th October, when "As announced on 9 October, the Company has closed out all of its silver hedging positions from January 2014 onwards."
"Closed out" means that it settled the hedges. They no longer exist. It has no hedges. It is hedgeless.
ccu best bargain on the asx, page-6
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