The 14H1 KGHM report mentions a copper hedging strategy called the Seagull.
Since the copper price was approx. $6,800 / ton on Friday, the Seagull was in the air:
(assumes no premiums)
Notes: see post about visualizing option strategies
The Q3 monthly average price for silver, should still be higher than the Q2's, but the lack of hedging means lost revenues.
Only a little consolation is the fact, that silver constitutes "only" some 17% of the combined Cu+Ag KGHM production. Still we are talking about more than 600 million USD annually exposed here...
And yes, there is also some gold, molybden and more...