RE:Potential hedging losses in Q2Alf: Hedge loss is a NONCASH item, cash flow is what really matters for TV and for any mining company. The higer the price of zinc, the higher the hedge loss, but the higher the cash flow. The higher the hedge loss, the lower the profit, the lower the taxes TV pay, the higher the cash flow again. All this is actually very good for TV, not bad. Ask any financial manager!