Interesting hedge pricing. So mid next year the price will...

Interesting hedge pricing. So mid next year the price will likely be around $1660, but after that it will creep upwards assuming the forward pricing heads upwards as expected? Hmm. Is the floor price AUD $1660? As as I understood the whole purpose of a hedge was a fixed price, versus, say a put option. Or is it more like a collared hedge price?

In all honesty, while I trust management, I would prefer they explained it in more detail figures wise.

Of course, AUD $1660 is a great price ($1700 expected is even better, and for it to actually average $1700 means that some of the hedge would be at $1740 approx), considering the likes of SAR were unlucky enough to hedge so much at $1500 etc.

The most important thing is that Com Bank is now happy and will sign off the final documentation etc for the debt facility ("Late November").

I do also like that its only 82k ounces hedged. Not even 20% of the production for the first 6 years. So GCY is still heavily weighted to the spot price, and... if I am understanding things correctly, if the POG does shoot higher, then the hedge will improve.