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DERIVATIVE INSTRUMENTS: (Tables)
9 Months Ended
Sep. 30, 2011
DERIVATIVE INSTRUMENTS: 
Copper derivative activity related to copper sales transactions

 

 

 

 

Third
quarter 2011

 

Nine months ended
September 30, 2011

 

Zero cost collar contracts:

 

 

 

 

 

Pounds (in millions)

 

105.8

 

317.5

 

Average LME cap price

 

$

4.84

 

$

4.84

 

Average LME floor price

 

$

3.02

 

$

3.02

 

 

 

 

 

 

 

Swap contracts:

 

 

 

 

 

Pounds (in millions)

 

99.2

 

331.2

 

Weighted average COMEX price

 

$

4.08

 

$

4.08

 

 

 

 

 

 

 

Realized gain (loss) on copper derivatives (pre-tax)(in millions)(*)

 

$

20.7

 

$

(23.7

)

 

 

(*)Realized gains and losses include a gain of $23.9 million recognized in the third quarter of 2011 resulting from the unwinding of copper swap positions covering 13.2 million pounds of third quarter 2011 copper sales and 52.9 million pounds of fourth quarter 2011 copper sales.

 

Copper derivative contracts

 

 

 

 

4th quarter
2011

 

1st Quarter
2012

 

Zero cost collar contracts:

 

 

 

 

 

Pounds (in millions)

 

105.8

 

46.3

 

Average LME cap price

 

$

4.84

 

$

5.18

 

Average LME floor price

 

$

3.02

 

$

3.50

 

Estimated % of copper sales covered

 

30.2

%

12.7

%

Accumulated unrealized gain recognized in other comprehensive income (net of taxes of $3.9 million and $8.6 million, respectively) (in millions)

 

$

6.3

 

$

13.5

 

 

 

 

 

 

 

Swap contracts:

 

 

 

 

 

Pounds (in millions)

 

59.5

 

 

 

Weighted average COMEX price

 

$

4.02

 

 

 

Estimated % of copper sales covered

 

17.0

%

 

 

Accumulated unrealized gain recognized in other comprehensive income (net of taxes of $13.6 million) (in millions)

 

$

21.6