Fishy
If Mark Calderwood really thinks gold will be at $2500 next year then every ounce of hedging he can wipe away with the gold price where it is the better. That is not to say they attempt to wipe out all of the hedge but the emphasis should be on paying off more sooner imo.
The only reason they have the hedge is because the banks required it of them because they had no cashflow. Once the cash starts flowing in though the situation totally changes.
mark calderwood tips us$2500 gold next year .., page-7
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