"Looks like too much hedging stopped benefits of rising gold price."
Or... not enough hedging stopped the benefits of a falling gold price. Another 350Koz of gold hedged when the gold price was at $2800AUD would have yielded a $190M profit today. Of course there would have been cries for their heads to be cut off had they done that.
No one has a special skill in predicting gold prices, not company execs, gold analysts, gold bears or gold bugs. And all the crtiticism occurs in hindsight. This means that hedging should only be used for the purpose it was designed for: locking in a known gold price for a known amount of time, quite useful for any business where the fluctuations of commodities or currencies impact significantly on cash flow, or which requires debt for any substantial portion of it's funding.
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