The majority of Aussie goldminers have hedges at lower levels, the reason everyone has noticed it now is because the spot gold price and curve has rallied so strongly. For good reason too I would add, negative yields, geopolitical risk, declining economic data broadly speaking.
From Q1 19 to Q2 19 RMS moved from 203k to 240k in forward hedges, hopefully they relaxed on this hedging program since then.
The outlier to me on the negative side is Regis, Perseus to a lesser extent and on the positive side as a proportion of annual production is NST, EVN and NCM (probably why they are priced on the highest multiples).
Jan Quarterly report
RRL sold 420,120 ounces of forward contracts at an average price of A$1,574 per ounce.
50,000 ounces of short term forward contracts with a delivery price of A$1860 per ounce.
RRL also sold a June 2019 expiry call option in January for 25,000 ounces at a strike price of $1830. You are looking at ~$400m in forgone earnings here.
Gold hedges are forward sales agreements, so no MTM but there is forgone revenue and earnings of course which is just has painful to shareholders. I.E Our dividends are getting paid to whatever bank provided these hedges.
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