Project financing facility of US$90M completed with first US$60M drawn down 31 December 2011. A total of 135,000 ounces hedged over 3 years or 30% of annualised production which represents only 10% of current reserves. Flat forward hedge price of US$1600 per ounce with US$160 million of Brazilian Reals (BRL) also hedged at a flat forward of USD1:BRL1.9525. The hedging program results in 100,000 ounces effectively hedged at BRL$3,124 per ounce with the remainder hedged at US$1600 per ounce.
Strange trading yesterday and today. Someone s wanted out today, I'm happy the SP held up as well as it did.
BDR Price at posting:
70.5¢ Sentiment: LT Buy Disclosure: Held
