My reading of all this- it all comes down to grade once production starts. Hedging is the cost of finance for a marginal mine- the cost of the risk.
But yes, this sucks for holders. I think the risk that was taken can be justified- but do not over invest- invest what you can afford to risk- that is the lesson.
Good luck all.
IMHO DYOR
Ann: Administrators Appointed, page-5
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