I'm surprised you believe the "annualised" gimmick. Only 63,000 oz was closed out at a cost of $98m to the company. There is NO extra $180m resulting from the hedge closure. In fact, the closure will only start making money if the gold price goes beyond $3,126/oz - let's hope that comes true for the previously hedged 63,000 oz
FYI, even if they are able to sell the closed out hedge at $4,000/oz, the closure would bring in an extra $55m only.
Ann: Closure of Hedge Book, page-54
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