One reason not to hedge all of production - If there was an unforeseen event affecting production the company would still be forced to sell gold at that price. They could buy gold to sell but if the price of gold went up by a lot then the company may be in trouble.
40% is good, pretty much guarantees the company will be in business for two more years, while the 60% can capture more upside risk.
Hedged @ AUD$1582 !!! You Beauty!, page-17
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