May '09 Copper trading at $1.33https://futures.tradingcharts.com/marketquotes/HG_.html
As one can see from the following chart May '09 copper was trading over $3 even at the end of May 2008...
https://futures.tradingcharts.com/chart/CP/W
Why at least some portion of copper production was not hedged, puts not purchased at least, is the very first question I'd ask management...
Given the requirement to remain EBITA positive by at least the amount of the interest due on a quarterly basis going forward from March 31, 2009, one would have thought maybe a little downside protection would have been purchased...
In the event the earnings of the Corporation before interest, taxes, depreciation and amortization ("EBITDA") on a consolidated basis in any quarter beginning after March 31, 2009 does not exceed interest expenses under the Notes for that quarter, the Corporation will be obliged to repay to the holders of the Notesthe lesser of its Free Cash Balance and 25% of the outstanding principal of the Notes.