Thanks @Countrywriter, I see your perspective now although I...

Thanks @Countrywriter, I see your perspective now although I don't value a company that way as I prefer the fundamentals. FYI, I believe the hedge was required by the lender at that time. The MD was Mark Clark, who has great track records building Equigold (taken over by Lihir Gold), Regis and Capricorn Metals. He is an accountant and his strategy is always the same, starts a low cost open pit gold mine and maintains financial discipline while paying franked dividends. He's not Bill Beament or Rayleigh Finlayson, who are engineers.