Actually, I would be quite confident the hedge book is a requirement of the lender CBA. It would likely be a breach of their loan agreement to cash in. Furthermore, CBA is also very likely the counterparty with which they have executed the hedge so there is no way they would be able to even if they wanted to, or indeed if it was sensible (which I doubt).
What I would be interested to know is whether they have any additional USD hedges(as opposed to gold) in place because the AUD receipts (at current prices) from the unhedged gold production will still provide acceptable returns assuming no extra currency hedging.
regards
DF
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