RE:RE:RE:Q1 total cost = $1.28 per pound2 mines met the T90, the crown jewel performance was wretched.
In the MDA they explain as a change in grade and a difficult rock to process, but apparently, they admit in the conference call that Namibia was having Covid challenges. Why not come out and say that? Why not work on a vaccine program local to the mine (if possible)?
While TC have come down, we don't know if they are at 159 or higher since GC likes to keep that quiet. More likely GC charging 200 and paying refiners 100 and pocketing the difference.
If you are making money on a hedge, something is going wrong in the world. Zinc hedges are a bit weird becuase oil hedges, they can have floor and ceiling and various points inbetween. I like hedges, though it really sucks if you have a hedge at 1.25 and zinc is selling at 1.5. You are losing 25 cents off of revenue, but it could really hurt if you had no hedge and zinc goes to 1.