Uranium, copper and other commodity producers carry dollar-linked revenue against local-currency cost bases. We build hedge programmes around production schedules and price-linked revenue, not generic forward strips.
Mining revenue is typically priced in dollars against commodity benchmarks, while labour, local services and much of the cost base sits in Namibian or South African rand.
Hedge programmes are built around your actual production schedule and revenue profile, not a flat forward strip that ignores how your output and pricing actually move.
Expansion and development phases bring their own FX exposure on imported equipment and capital spend — we structure hedging specific to that phase of the project, not the whole business.
Where project debt carries both currency and interest rate exposure, we manage the two together rather than as separate workstreams.