Another way of looking at the hedges- what would KOTH cost now to build?
I suspect it's multiples more of the current hedge.
RED was abandoning their previous mine due to factors outside their control, they didn't have cash but had land. Gold price was a lot lower hence the lower hedge.
They got the cash, built the mine and are paying back the debt.
I say the opposite, if it wasn't for banks money and the hedge 1. KOTH would never have been built or 2. build it now and see how much it costs you.
RED is mining the highest grade material they have access to, and maximizing output. Everyone's getting paid.
$40 cents club, page-979
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