Jantimont you're assuming all the forward sales are going to paying down the debt. That's just not the case.
The forward sales were in place to reassure the bank that an adequate price will be received to cover their loan. The total loan is approximately $20 million (at 7.5%). The total hedges cover $53 million. The hedging therefore will generate in excess of what is required for loan obligations.
Jantimont you're assuming all the forward sales are going to...
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