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Risky caution

27 July 2006 By Edward Hadas

It s tough being the loser in a zerosum game. Ask Phelps Dodge. The US miner has had to take a $1.1bn charge on a copper hedging programme. For a producer like Phelps, it s only lost profits not cash losses. But there s a serious lesson: risk reduction is a risky business.

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