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Mix-Ansicht- Hedged or not Hedged ist immer häufiger von vitalem Interesse! - Emerald, 07.09.2006, 10:58
Hedged or not Hedged ist immer häufiger von vitalem Interesse!
-->Barrick still has quite a bit of hedging, although they have recently closed at least the PDG hedge book. But good amount remains.
The alternative would be NEM no hedge or Kinross no hedge.
In south Africa,
I don't think either of Harmony or GFI has much hedging. - Confirmed - Harmony has a little bit in Australia. GFI no hedging, a little bit on currency from time to time.
Anglo has some from the acquisition of Ashanti. More than just a little bit. Also has some of their own, also on currency, and on silver.
In Australia,
Tier 1 name Newcrest has some hedging, both on the gold and on the copper side. Although the copper hedging is at very low price, it is running off very quickly, I think over in mid 2007. On the gold side, a bit longer.
Tier 2 name Lihir also has quite a bit of gold hedging.
But both names are highlighted as consolidation candidates in the current round of takeovers/mergers, and for example a combination of both would have more resources than the combination of Goldcorp/Glamis but a much lower combined market cap. So they are cheaper.
Other tier 2 names:
Much less hedging in this category:
Western Areas has a lot of complicated hedging
Glamis/Goldcorp - no hedging
Cambior: still has sold options outstanding- but much less than before, on the way to clean it up.
Eldorado - no hedge
IAMGOLD - no hedge
Centerra - no hedge
Highland Gold - no hedge
Jaguar Mining - no hedge
Agnico-Eagle - no hedge - a some on the zinc side, but cleared it. Important note since now over 50% of revenue is from base metals.
Celtic Resources - no hedge
Yamana - some on the copper side: @ 1.27 for 06 and 2.75 for 07. none on the gold side.
Randgold - 320,000 oz related to Loulo debt.
High River Gold - no hedge.
Meridian - no hedge
Peter Hambro - no hedge
Bema Gold - HAS SOME HEDGING - some for Petrex in South Africa, and some for the upcoming Kupol mine in Russia, but 08 to 2012.
In the merging category:
Alamos - no hedging
Axmin - no production yet
Banro - no prod.
Ich wünsche allen gute Entscheidungen!
Emerald.
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