Dryblower: When is a debt not a debt?

THIS is a question which has puzzled Dryblower for some time, and one which currently appears to be a worry in financial markets as they try and value mining companies.

The issue, for long-term followers of the mining sector, is not new. It's all about valuing hedge books or, to be more accurate, what to do with a hedge book when it is in deficit.

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