Ann: Debt Finance , page-33

Some very basic modelling:

$12 total cost for each oz
2.6 mil oz per annum production
780,000 oz hedged per annum

At $34
With Hedging = $57 million profit per annum
Unhedged = $57 million profit per annum

At $50
With Hedging = $86 million profit per annum
Unhedged = $99 million profit per annum

At $100
With Hedging = $177 million profit per annum
Unhedged = $229 million profit per annum

Management did what they had to do, all told it seemed reasonable. I've seen companies have to jump through far more hoops than that. Some upside is foregone but at those numbers we're still looking at multiples from here either way.