ann, page-19

thought i might also add:

sure, some gold producers have failed due to hedging.. but the underlying reason they failed was because of delivery issues or cost blow outs..

in a funny way, a quick and simple death by a hedge book is imo better than a long drawn out process and repeated capital raisings / restructures continuously trying to work a marginal project.. those same "company killer" projects are still doing the rounds and the end result is always the same, hedge book or not

a quality company and project are not going to fail because of hedging, and shareholders are usually thankful for the lower dilution and higher future share price