What you're espousing is utter nonsense Dunnycan, sorry.
By hedging the upside but not the downside (i.e. your input costs) one is essentially gambling. This is what happened with RSG this decade (it hedged gold for $A 600 and less but is losing money becuase oil has run from $10 at the time the hedges were made to a high of $150 in 2008). RSG's cash costs are now $700 and rising.
If gold falls from here, that is OK because oil and inflation will probably be falling too (hence ALD's margins will remain the same). But to hedge is very dangerous if inflation continues and total production costs go over the hedged price eventually.
A natural hedge also exists in the exchange rate. In short their are natural market mechanisms that preclude the need for hedging contracts. The sooner ALD delivers into the hedge book the better.
Rowingboat.
What you're espousing is utter nonsense Dunnycan, sorry. By...
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