I agree with your commentary @macro717
IMHO EVN is making very conservative decisions that are costing shareholders and not being held to account.
EVN is no longer a nimble, dare I say 'agile', company prepared to take some risk and nurture a small, growth-focused company culture. Instead, they have become bloated with expensive overhead tied up in fancy Sydney offices and too many 'corporate staff', far removed from the operational issues that are impacting their performance. The current hedging is one example, but also diminishing dividends, over-reliance on EHM's copper credits to mask the true costs of other operations, and lack of accountability for ongoing poor operational performance (in particular Red Lake), and I could go on.
I think EVN has to take a long, hard look at itself and think about whether it wants to behave like a 'BIG' gold company, or whether it needs to get back to the sort of exciting company that Jake, Aaron and Co started - as they have lost a lot of talent that prefers the former culture, not the one that has evolved in recent years. A bit of a shake-up needed IMO.
Just saying!
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