If they have hedged the gold price and not the currency, they are in double trouble. The A$, having risen 20% means they get 20% less for their products.
SGW has never been on my watch list so I can't be specific, and maybe even wrong, but I think their hedge book is toxic and tantilum [have I got the right co?] is going through a bad patch.
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SGW
sons of gwalia limited
sgw vs gold bull market, page-2
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