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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: jimcav who wrote (30037)10/20/2000 10:12:16 AM
From: pater tenebrarum  Read Replies (1) of 436258
 
sorry...i was already gone when you posted this...anyway, HM's hedge position is minimal,although its hedging policy allows for up to 30% of its production to be hedged.
for example, it has sold forward 85K oz. for 2000, 10k oz. for 2001, 10 k oz. for 2002. altogether its forward sales spread over 10 years amount to 514K oz. however, it produces over 2m. oz. annually, so this is really very little. it also has puts for 190k oz., and has a combination of written and purchased calls that basically offset each other (which makes one wonder why they did them at all...).
in Australia it has a further 100k oz. sold forward spread over 10 years and puts on 240K oz.
all in all the amounts are immaterial considering HM's production volumes and reserves.
note: some of these numbers may have changed a little in the meantime, this is the latest stuff officially available.
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