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Message: Copper Hedges

The information on their hedge program is in their filings and press releases. Hedging can be a 2 edged sword. In the case of IZN the current hedges have been a negative for the company but remember that Condestable hedges were placed long ago and mostly expire over the next year or two and Aguas Tenidas is only partly hedged. I must also point out that IZN made over $150 million and paid off all the long term debt a year or so ago when they sold their hedge book, that sold hedge book was highly profitable.

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