RE:RE:RE:RE:RE:sclarda has a lump of zinc for a brain HA20200, Trevali could easily forward sell their zinc on the futures market. There is absolutely no reason that they must hedge with Glencore. The futures market is huge and could probably absorb a year's worth on Caribou production in one day. In addition, futures prices are usually higher than spot prices, so Trevali could get a better deal selling their zinc on the futures market.
The fact that they made a hedging deal with Glencore at spot price just goes to show how closely tied the companies are. Trevali exists for Glencore's benefit first. Shareholders are an afterthought.