No indication of the hedging gold price. I assume it's around the DFS 'in pit resource' price which was $850 an ounce. Quite a discount to the prevailing price. Lets hope they get the $950 base case rate. That's a big difference.
They were always going to have to hedge some ounces to get the finances, but not sure if 150k is good or bad. Assume POG is trading above $1100 and they have hedged at $850, that's a loss off $250 an ounce. Times 150k = $37.5m. eeek.
The price of bank financing I suppose.
Any comments?
I know you will see the bright side flyboy... ;-)
Might be a good buying opportunity if this Dubai thing is the catalyst for a well overdue meaningful correction.
SDG
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