Yes first and foremost let us understand that this was a...

Yes first and foremost let us understand that this was a financing condition by Macquarie Bank.

Yes not ideal....but as lender they need to have security over their loan..

Second major point as you appreciate loki that it is not as bad as it seems...hedge can be cleared in 3 years....

End of the day no-one knows for sure what the pog or where the dow will be in X years.....hence the value of insurance/hedging....to reduce such risks...ok so this represents 290k oz....

Bigger picture being missed here...which is financing secured, with downside limited.....with flexibility to push all production through the hedge to exit it in 3 years.

Market has way over-reacted to this.....astute investors would have been loading up at 38 cents...I did in any case....