You're right Zooma: 40% of current production(150k oz) is delivered to the hedge book every qtr for the life of the hedge.
When NGF produce 200k oz pa, the yearly hedging will be reduced to 30% pa until all ounces are delivered.
All hedging done is profitable...and a nice amount of gold goes to spot - I'm happy with the hedging strategy.
hedged of un hedged, page-7
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