Can anyone please explain how the closure of the 63,000 oz hedge leads to $180m extra revenue on an increased margin of $410/oz? The math doesn't compute. Their ASX announcement cites "annualised pre-tax cash flow" but I find it confusing if not simply misleading.
As @Obliqua indicated, unless they are able to sell the hedged gold for more than $3,126/oz, the closure is pointless and a waste of management's time and shareholder's money.
I also agree with some posters that it's very odd to close out the hedge with only half a year to go at peak gold prices, when they did nothing for years when the gold prices were much lower.
Ann: Closure of Hedge Book, page-50
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