SAR is a great company. My only concern is SAR’s hedging policy, which I think is overly conservative. Shareholders are foregoing significant profits as a result.
Whilst SAR has reduced its hedging from 33% to 25%, I think that 25% is still too high in an environment where the price of gold has such a positive outlook. NST’s hedging policy of 15% strikes me as being far more appropriate.
Ann: Presentation - There's nothing like Australian gold, page-6
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