Trend, just if I can focus on the second part of your post, IMHO...

Trend, just if I can focus on the second part of your post, IMHO BDR closing out the hedge was for me the pivotal point where BDR went wrong wrong wrong (although chasing duckhead so quickly was just as big a mistake).

Closing the hedge was done to chase Duckhead, chasing duckhead took focus away from the projects base production, which in turn stretched the abilities of those on the ground to move the required dirt, which for the last 1.5 years meant that BDR has been hopeless incompetent.

While I understand that Mac Bank wanted money, clearly with hindsight, BDR should have raised the required amount to pay down the debt and keep the hedges (or at the least rehedged with options which they were happy to do back then), which would have netted BDR much more than the US $16m they ended up getting.

The actual amount of debt was really quite small compared to the market cap of the company... In April last year it was less than %10. Now.... its like 50%.



I think perhaps I am just grumpy on a Monday, but still, as JID has said numerous times, BDR has failed to protect itself at all currency wise.