RE:1st quarter is overfirecracker74 wrote: Zinc closed at $1.27 so it looks like the hedging loss for quarter 1 will be 175M pounds X .02 or $3.5M. If the startup costs at Caribou hold @ $7M then TV should be very close to breakeven for quarter 1.
This looks incorrect. In fact the $1.25 per pound hedge was for zinc from Caribou which has only just started. The other hedges which were in force for Q1 actually are different at 1.22 and 1.23 if you go by their corporate presentation I believe.