I had the same thought too, it doesn't make sense to close the hedge if the company was about to go into production. Especially not all of the gold.. since the first delivery is 2nd half of 2013. One could just buy and deliver the first portion and then deliver the rest later when in production.
The whole point of the hedge is to put a floor on gold price during initial risky years and minimize risk.
Wonder what people here think about the chances of a capital raising after debt finance is announced (if it does get approved). I have seen many banks still require a cap raising as a prerequisite for finance approval. It is quite rare for full debt finance, unless the capex is small and project very robust.
MYG Price at posting:
4.5¢ Sentiment: None Disclosure: Not Held
