I would like comments on S's hedging strategy or lack thereof. Obviously, in retrospect, we would have benefitted had Sherritt entered into some future contracts during last spring's spike. Sherritt never really discusses or discloses how they negotiate sales contracts and pricing but it is my understanding they basically rely on spot. Curious to learn what others think about this approach or if they could shed some light on how Sherritt negotiates sales and if they enter into long-term contracts, etc.