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Hedging can be dangerous. You are exposed to currency fluctuations as well as the need to produce enough to satisfy your hedge-book. One glitch in production and you have to BUY gold to fill your quota.
And if you havent the cash, you are dead.
Hedging killed SOG. Their orebodies were not living up to expectations and it killed them.
I point out that KCGM in the "Superpit" have always sold on "spot-gold" price & never hedged.

GZ