Very disappointing result as the hedge books sinks the company. They still have a liability of $118 mi on the hedge book. They need to spend money to expand operation, which is a good investment.
I personally think that, in general, CFO of mining companies which had to ask up to billions of dollars to buy back disastrous hedged production, should be sacked and all their equity forfeited.
It has been clear for 2-3 years that price of gold has entered into a huge bull market. Barrick closed their hedges last year at a big loss. OGC will pay even more to close theirs.
OGC Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
