Wrong hedging is a risk management devise but like buying shares at the top of the market putting in a big hedging programme or new hedging policy at the bottom was stupid. they don't actually have a hedging policy which is nigh on criminal. Following hedging at x% of forecast production in the next year at current prices would be sensible. Putting it in place at circa $2800 as I would have as cdo last year would have been smart. The chairman James as ex head of mining at MacBank has a huge conflict with hedges held by MacBank.
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