No.The South Africans are mostly unhedged and they only face the...

No.

The South Africans are mostly unhedged and they only face the issue of low rand gold prices and shafts that are in need of large amounts of capex. Expect DRD to probably write off more of their marginal assets if the rand stays stable.

The issue SGW had was in OVER hedging. Hedging is a tool that is essential for project financing and in managing cash flows. I have no beef with it. What I have a beef with is dumb management that think it is a godsend to maintaining fat salaries and fooling shareholders that they own a share of the company's value. The banks are the winners always here.