RE:RE:RE:RE:Glencore is burying TV. CG2021, if Trevali management bothered to look at the zinc chart, they would have realized it had peaked in early 2018, long before COVID. COVID may have pushed zinc down a little extra in 2020, but after a series of lower highs, zinc was going to break support at $1 even without COVID.
The zinc chart shows a pretty clear head and shoulders pattern that broke down in mid 2018. Management should have been hedging at around $1.40 in mid 2018 to protect the company. I encouraged hedging in June 2019 at around $1.15 because I could tell the chart was breaking down, and I knew the company would be in trouble if zinc dropped much lower.
I do not accept the excuse that management could not know where the price of zinc was headed. They make the big bucks, and it is not too much to expect them to look at a chart once in a while. When any commodity trades way above its normal price, it should be a warning sign that the price could drop. It does not take a genius to figure that out.
As for treatment costs, they are retroactive starting Jan 1.