Basically was necessary to clarify that the losses on their books are paper only - because when they sell their hedged zinc and lead, if the market price is higher than the hedge price, it's carried as a loss.

That's one of the more annoying rules of accounting.

Basically, they're mining silver at -$6 cash costs, or so. This is a screaming buy at silver=$18, never mind the fantasy price of silver we have now. That's why you're seeing all the intense institutional accumulation every day.