AMI aren’t leasing anything. We do know what AMI’s hedge position is. From the last quarterly:
Gold hedging
During the quarter, the Company took advantage of the increase in the A$ gold price (relative to prior quarter) and replenished the hedge book with the forward hedge position at 31 December 2018 totaling 77,000 oz at an average of A$1,746/oz (prior quarter the forward hedge positions was at 45,000 oz at an average of A$1,744/oz).
That hedge book is theoretically in the red as it is about $50/oz below spot; with 77000 oz’s hedged, that is a book loss of $3.85m ie. if they did not produce any gold at all they would have to buy at spot and deliver into the lower priced hedge contracts. What actually happens is they produce the gold (no leasing) and sell it either into contracts or at spot (this depends somewhat on time dependency of the contracts).
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AMI aren’t leasing anything. We do know what AMI’s hedge...
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