re: new minews article - watso You are correct.
KCN should only have about 60,000 ounces hedged at 30th. June. Compare that small amount with the majors!
I know the story about why KCN had to initially hedge.
But in view of the quick pay back time of the bank loan it was a blunder costing millions of dollars not to close out as quickly as possible ALL hedged positions.
On hedging I see that TRY hedged 20,000 ounces for delivery this year. That is now costing them big dollars.
SBM entered into hedging arrangements this year. That will cost them many millions of dollars.
WHY DON'T GOLD COMPANIES REALISE THAT THEY SHOULD NEVER HEDGE.
In that regard Palmajero Silver arranged full financing about a month ago for the development of their silver/gold mine without entering into any hedging.
new minewsarticle , page-6
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