would disagree with relation to hedging - if the pog is high and...

would disagree with relation to hedging - if the pog is high and profit margin attractive then most prudent to lock in known profit margin. if the pog rises there are no losses when marked to market - that is irrelevant.

Lihir hedged gold a few years ago and that was seen to be prudent, now they have forked out millions to close the hedges which is now also seen as prudent. in a few years it may again be seen to be prudent to hedge.
a hedged company is in general more secure that an unhedged one, that is for sure.