Completely Agree, Ed. Hedging a luxury only a minimum guaranteed output level should entertain. The Ring Road and the first 3 boats might help. Can be limited partial hedge rather than 100% of output. Perhaps some form of puts protecting downside while retaining upside? Would cost a few mill up front though. Rather than overtly advocating it, I’m suggesting if it makes sense at say A$100, I wouldn’t have such a problem with it if it’s a prerequisite of the path to Broome.
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