The big deterrent (as I see it) are the hedges are probably some of the ugliest on the ASX.
At a price of around A$1500/oz, there are still about 2.5 years remaining at 25,000 oz per quarter.
Perhaps if a company had an entirely unhedged book they would be willing to take this on, but if I recall correctly, I believe most of the majors on the ASX have hedges.
I mean, someone was to offer $3.50, most people would jump at the chance, even though the company is probably worth north of $5.
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