With regards to BLK hedging, it is worth remembering that Orion...

With regards to BLK hedging, it is worth remembering that Orion will take up 50% of production (up to 50K oz or slightly more I think when the Orion options were reduced from 33.3M to 16.66M, not 100% sure). The details of the Orion take-up aren't clear, i.e. they will use quotation periods to determine the selling price. I am all for BLK taking out a hedge but I am more interested in the details of the Orion pricing arrangement. My guess is that Orion isn't buying the gold as a favor to BLK, the off-take is most likely a sweetener for the finance deal so BLK will be selling at some sort of discount.