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"PS: It's amazing how many people think fixed price hedging protects a gold miner. On the contrary, it's a project risk for a gold miner forward selling something they do not have in hand to deliver, but protects the bankster lender of project finance. "

the hedge works by eliminating POG risk for IGR.. sure, you might miss out on some of the cream if the POG rises, but that is the price paid to secure the funding.. the alternatives would be a higher interest rate (definitive higher cost) or equity funding (more dilution, which goes a long way in considering the shareprice performance of IGR vs SLR)

like it or not, financiers live in the real world and generally use a 3 year average for the POG in evaluating projects and risk, not the $2,000, $2,500 or $5,000 "forecasts" floating around the net.. its not about 'screwing the miners', its to manage and mitigate (where possible) risk