RE:Re Re Re Re 40FNot sure what u mean by 53 million pounds. It sounds like you think that is all tko copper. If guidance is met tko nets 75% of 125 million or about 93 mill pounds. Total put 2021 is about 80 million pounds. So if copper drops to 3.50
in 2nd half the tko picks up 13 million cads from put less put cost.
The 13 million pounds un hedged would sell tor 3.50 u.s.
3.75 put us very high. Only about 6% less than spot 2day. So kw can c that a high price could have been paid. The put makes future easy calculating for all that like comfort zone.
Takes a bit of the guessing away.
nf