well the hedging did them in, but they also turned out to have a lot less actual gold in their mines than they had led people to believe. The fact that their actual gold reserves were less than the amount they had sold forward was a major factor. They were extracting smaller and smaller amounts of gold at higher and higher costs - thats a mining problem as well as a financial one.
well the hedging did them in, but they also turned out to have a...
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