Hi Champ,If you look back at previous posts you will see that...

Hi Champ,

If you look back at previous posts you will see that this has been covered quite a few times already ....

When the company set up its hedges, there were 10 quarterly hedges of 180Koz each at $29/oz. All it did when it refinanced was to change the last 5 quarterly hedges to $23/oz and cash in the difference. So what remains:

Q4-FY13 - first 180Koz sold at $29/oz, any excess production at spot price.

Q1-FY14 - first 180Koz sold at $29/oz, any excess production at spot price.

Q2-FY14 - first 180Koz sold at $29/oz, any excess production at spot price.

Q3-FY14 - first 180Koz sold at $23/oz, any excess production at spot price.

Q4-FY14 - first 180Koz sold at $23/oz, any excess production at spot price.

Q1-FY15 - first 180Koz sold at $23/oz, any excess production at spot price.

Q2-FY15 - first 180Koz sold at $23/oz, any excess production at spot price.

Q3-FY15 - first 180Koz sold at $23/oz, any excess production at spot price.

Q4-FY15 onwards, all sold at spot price (unless additional hedges are entered).

So the price of silver effects CCU revenue all the time.

Kappish? ;-)

And more correctly its the AUD price of silver that affects the CCU bottom line, so we're about 10% better off in AUD terms than when the hedges were entered into.

I took up my rights and applied for extras ....

Good luck to all.