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Gold/Mining/Energy : Gold and Silver Mining Stocks
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To: baystock who wrote (2881)11/5/2001 2:03:05 PM
From: Stephen O  Read Replies (1) of 4051
 
Re Black Hawk. Only 3/5 of production is hedged at $270, a small amount at a higher price. The hedge finishes completely in Feb 2003. The only reason they sold the CALLS in the first place was to get the cash to buy PUT options to keep the bank happy. They've now sold the PUTs and paid back the bank completely. With gold at these prices why should they buy back the CALLs and pay the bandits the probable outrageous premiums when they can keep delivering into their CAlls.The other thing with cash on hand there may be some other company in trouble that they can bail out on good terms.
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