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Gold/Mining/Energy : Silver prices
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To: long-gone who wrote (2343)11/24/1999 1:15:00 PM
From: TD  Read Replies (1) of 8010
 
Hedging, from the 3rd quarter report. PAAS is debt free and unhedged in silver presently. This will change in 2000 due to the 60 million Dukat loan, Dukat's lenders' require approximately 50% of Dukat's annual silver production to be hedged during loan payback ~ 4 years to ensure a floor price.

Pan American will not hedge more than the amounts required under the Dukat loan and will disclose clearly its hedge position when it is put in place in 2000.

This should help, as I said it is from the latest shareholder information
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