Closing out 47.6koz at a $2310 loss per ounce. Meaning, around today's $5100 price, minus the hedged price.
That leaves like 140koz. To close it all would be another $300m.
I expect they didn't want to raise $300-400m last quarter, but expected to deliver them instead, until that proved unlikely.
After downgrading guidance, the hedges had to be scaled back.
Now, it'll be more possible to deliver the remaining ounces. Since we'll have 9 months unhedged to accumulate cash, then we'll have quite a bit of financial flexibility to produce our way through the remainder of the hedges.
BGL Price at posting:
$1.15 Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)