Perfect - thank you.Yes, I think it is quite common to deliver...

Perfect - thank you.

Yes, I think it is quite common to deliver early into the hedge (and most arrangements don't penalise for this). A$2,249 looks like a decent price - the average for ASX listed miners is c. A$2,215. And bearing in mind, it looks like these things are set upon securing finance - i.e. 2 / 3 years out from first production. I was a little surprised at the scale of hedging (200koz), but it is spread over a long period.

There is a massive range of hedges though: I believe Regis is c. A$1,551 per oz (just recently re-negotiated), GOR at A$1,874, EVN at A$1,988 - right through to RSG at A$2,431 and GCY at A$2,528. That is a pretty big swing.