RE:RE:RE:RE:Thoughts on Q2 Reportnofluff wrote: lets say copper was 3.20 u.s average. The collar would b 1.00 cad oer pound.
To net 15 million cad. they would have produced 15 million pounds.
nf
Listened to the conference call. They cashed out their July puts and recast for the rest of the year at $3.75 rather than $4, taking the $15 million cash now. That's a bullish position on copper, expecting the prince to increase over the second half of the year.
I agree with that move. In effect they took an advance on the value of the puts for the second half of the year, but if copper prices go up, they reap that increase.