Copper Hedging Manager
The Hedging Manager will be responsible for defining, executing, and monitoring the hedging strategy for the copper smelter, ensuring effective coverage of market risks in line with Group policies and international standards.
Key Responsibilities
1. Hedging Strategy & Governance
* Define, implement, and continuously improve the copper price hedging strategy (primarily LME-based).
* Develop and maintain hedging policies, risk limits, hedge horizons, and authorized instruments.
* Ensure compliance with Group risk governance, internal controls, and IFRS hedge accounting requirements.
2. Hedging Execution
* Execute hedging transactions using futures, options, swaps, collars, in coordination with approved banks and brokers.
* Monitor daily positions, physical and financial exposures, margin calls, and cash impacts.
* Align hedging activities with smelter production plans, concentrate supply contracts, and sales programs.
3. Risk Monitoring & Reporting
* Identify and analyze market exposures (price risk, basis risk, timing risk).
* Prepare regular reporting for senior management (hedging P&L, mark-to-market, sensitivities, stress scenarios).
* Implement and maintain robust risk monitoring tools (VaR, scenario analysis, back-testing).
4. Internal & External Interfaces
* Act as a key interface with:
o Smelter Operations & Supply Chain teams,
o Group Finance & Treasury,
o Commercial / Trading teams,
o External counterparties, auditors, and financial institutions.
* Serve as the hedging subject-matter expert for the smelter and potentially for the wider Group.
Candidate Profile
Education
* Master's degree in Finance, Economics, Financial Engineering, Risk Management, or equivalent.
* Professional certifications such as CFA, FRM, CAIA are a strong advantage.
Experience
* 8-15 years of experience in metals hedging, with a strong focus on copper.
* Proven background in:
o copper smelters or metallurgical operations,
o mining groups,
o commodity trading houses,
o or commodity-focused financial institutions.
* Deep understanding of LME markets, pricing mechanisms, and physical-financial linkages.
Technical Skills
* Strong expertise in hedging instruments (futures, options, swaps).
* Solid knowledge of the mine-to-smelter-to-market value chain.
* Good command of IFRS hedge accounting principles.
* Advanced analytical and modeling skills.
* Excellent proficiency in Excel and risk management systems; experience with ETRM / CTRM platforms is a plus.
Soft Skills
* High level of analytical rigor and attention to detail.
* Ability to operate in a fast-paced, international environment.
* Strong communication skills, able to interact with both financial and operational stakeholders.
* High ethical standards, autonomy, and strong risk awareness.
Languages
* Fluent English mandatory.
* French required or strongly preferred.
Key Sourcing Guidelines for the Search Firm
* Target profiles from:
o international mining groups,
o copper smelters / metallurgical companies,
o global commodity trading houses,
o commodity-focused banks or financial institutions.
* Strong hands-on hedging expertise is essential (not purely policy or advisory roles).
* Ability to build and scale a strategic hedging function.
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