Derivative/hedge losses...
I just don't get why some invest in companies that have these hedges on that cause them too lose money, and increasingly more amounts of money, as the metal prices rise. Isn't the goal to have upside leverage to rising metals prices, and not downside leverage that can lead to toxic hedge books? There are literally hundreds, over a thousand probably, of mining companies out there at some level. Why bother with those that participate in these harmful contracts when there are so many other better options?
Companies DO exist and thrive without hedge books and outrageous share counts etc. Why not go with them, and only them?
