Interesting to read on pg24 that BDR made a forex gain of $10.3M...

Interesting to read on pg24 that BDR made a forex gain of $10.3M despite the strengthening Real as compared to $26.3M loss in 2015 when the Real was weakening quickly due to political issues.

In checking to Bloomberg's forex chart, for the first half of the 2016 reporting period, the USD-Real exchange rate was >3.5, compared to only the last 4 months of the 2015 reporting period. Timing is everything.

If anyone is attending the AGM, could you please enquire with SJ what he meant when he stated in the Q1 report that BDR has taken insurance against price or exchange rate fluctuations?
1. Did he mean hedging?
2. Why won't he provide details, when other well regarded gold producers consistently do so?
3. Transparency does add value to the sp because the market is averse to the unknown. Seems rather self-defeating to rely on instos to counter shorters on the one hand, but then undo the effort due to insufficient transparency on the other.

What is merely an operational detail to SJ is a significant point for FA investors because we compare BDR to its peers. So we pay attention to these things. Maybe SJ reads the BDR threads and would take note. Cheers. R.