Hedging of the gold price can make a lot of difference to the end result. It smoothes out the effect that spot price has on the SP. Not too much mention of that on this thread. Earlier on hedging was at a low price for a large percentage of the production. That hedging was initially necessary to cover loan funds . That situation has probably changed in the last few months with increased production. I'm not sure where we stand with this right now.
profit projection 300 million, page-105
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