At the time that was around the spot price and it is 52koz pa out of annual prod of 100koz.
Hedging is simply a cost of getting the project financed. Its unavoidable, no point crying about it. For example PRU just announced they will be hedging 170-230koz this morning as a condition of getting finance.
Its not a cash loss anyway, i dont give a fig what the accountants say. Sure its foregone revenue but without the financing their would be no revenue to begin with.
ADU Price at posting:
52.5¢ Sentiment: None Disclosure: Held
