Not sure if there are any other details announced in addition to the excerpt below from WAFs Dec 2-018 Quarterly, but my assumption is that the offtake agreement is similar in structure to the arrangement Taurus have with Teranga, see below..
If this is the case, I much prefer this to any hedging requirements. Basically Taurus make some arbitrage dollars from volatility in gold price, of which I expect will be significant in the coming years. Good luck to them.
As for WAF, they just sell at the lowest price of the week..no big deal, and certainly maintains POG upside in contrast to fixed hedge.
All speculation, since WAF have not disclosed the detail to my knowledge.
Good luck and enjoy the ride upwards!
WAF Quarterly
(http://www.westafricanresources.com/wp-content/uploads/2019/01/02068083.pdf)
Teranga Report
(http://s1.q4cdn.com/851853033/files/2018/June-Quarter-Report.pdf)
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