This stuff about hedging always comes up. I think it's about finding someone to blame.
I agree it's a funding issue but also there are lot of risks in mining you want to take out or reduce a major one being the price of the commodity.
Sure fund managers want maximum exposure to the commodity price. They can also go and buy gold forwards etc. too. Being a mine you want to lock in some of the price because you can go out and drill up more. That's your core business along with producing it at the best possible price. Gold is a particularly good one for it because it's is quasi-money and well-linked to the exchange and bond rates.
All IMVHO.
This stuff about hedging always comes up. I think it's about...
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