DROOY's hedgebook as of March 31, 2000. The "Net hedge" entry for each year is my own, everything else is from DROOY. It looks like their total hedge book is now under 1 year's production. This is not great, but not so bad either:
Apr 00-Jun00 hedged %51 committed %55
forward sales ( ozs ) 21,000 @ $277.00
forward sales ( ozs ) 130,625 @ R1,742.00
calls sold ( ozs ) 14,400 @ $303.10
calls bought ( ozs ) 32,813 @ R2,300
Net hedge = zero (June is here)
Jul00-Jun01 Hedged %46 Committed %55
forward sales ( ozs ) 84,000 @ $279.50
forward sales ( ozs ) 470,625 @ R1,753.72
calls sold ( ozs ) 106,100 @ $319.50
calls bought ( ozs ) 500,000 @ $320.00
calls bought ( ozs ) 131.250 @ R2,300
Net hedge = zero
Jul01-Jn02 Hedged %37 Committed %51
forward sales ( ozs ) 14,000 @ $280.00
forward sales ( ozs ) 430,000 @ R1,742.68
calls sold ( ozs ) 170,000 @ R2,043.00
calls bought ( ozs ) 131,250 @ R2,300
puts bought ( ozs ) 70,000 @ R1,800
Net hedge = 483K oz
Jul02-Jun03 Hedged %14 Committed %31
forward sales ( ozs ) 170,000 @ R2,153.90
calls sold ( ozs ) 204,000 @ R2,077.00
calls bought ( ozs ) 150,000 @ R2,999.93
puts bought ( ozs ) 84,000 @ R1,967.50
Net hedge = 374K oz
Jul03-Jun04 hedged %13 committed %15
forward sales ( ozs ) 1,500 @ $320.10
forward sales ( ozs ) 150,000 @ R2,200.25
calls sold ( ozs ) 34,000 @ R2,084.00
calls bought ( ozs ) 150,000 @ R2,999.23
puts bought ( ozs ) 14,000 @ R1,890.00
Net Hedge = 185K oz
additional purchases 428,995 ( ozs ) @ $333.45
additional sales 275,903 ( ozs ) @ $272.65
Net Hedge = unknown (But I have been told by DROOY that 200K oz of the March Quarter's hedge reductions came from here) |
