PKN Orlen, a Polish oil company has US Dollar (USD) denominated debt. Should they buy puts or calls on the USD as they earn revenues in Polish Zloty (PLN)?

Gem Diamonds Ltd. is listed on the London Stock Exchange and is a UK headquartered company. In 2006, they announced their discovery of a 600 carat diamond in Lesotho, where the local currency is the Loti (LSL). A lot of controversy has surrounded the company as they are criticised for having a hand in forcing out the locals off their lands and destroying wild life in Africa - despite this, they successfully gained access to international banks to fund their mining activities. Lets say one such bank is XYZ.

Gem Diamonds reports its income in Sterling (GBP), as it is a UK based. However it gets its revenues in US Dollars (USD), given that diamond prices are quoted in USD. A significant proportion of its operating expenses are in the Loti. They are considering buying calls and puts on the GBP - describe 2 simultaneous structures they would have to implement in conjunction with the LSL and the USD