I haven't really seen it before.
I don't necessarily see it as a bad thing per se. It says it's spot over a quotation period. Let's say it's 15 day VWAP POG or something. The main effect it has for WAF is it smooths sale prices rather than being fully open to volatility of spot. Might benefit somewhat when gold is moving down and lose out if gold is moving up.
What it then does do though is allows Taurus to speculate. They can play metals trader and probably make some money around the edges.
In return we get a low interest rate for West Africa, no direct hedging requirement. Only hedging is the offtake functionality and we have no penalties for early debt repayment. I would estimate true cost of debt as 10% or lower.
WAF valuation, page-93
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