“So I don't give much weight to Paul being the reason for the lack of hedging”
I am not sure who in the organisation you attribute the lack of hedging too … but I can only assume if it was negative Paul would of certainly got the blame.
Either way it could of been worse with something similar to what Alkane negotiated at the same time with Macquarie … current gold price leaves their hedging of 100,000 ozs @ $ 2825 circa $ 80m dollars out of pocket for their shareholders.
Similar facility value, similar duration, similar terms … Pantoro no hedging.
In my view Paul did better …. Some may say he got lucky again.
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